Which one of the following is not true of itemized deductions of an individual taxpayer? Deductions for AGI are generally preferable to itemized deductions. Itemized deductions are deductible only if they exceed a taxpayer's standard deduction. Residential interest is a common example of an itemized deduction. All employee trade or business expenses are itemized deductions.

Answered: Which one of the following is not true…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which one of the following is not true of itemized deductions of an individual taxpayer?

	Deductions for AGI are generally preferable to itemized deductions.
	Itemized deductions are deductible only if they exceed a taxpayer's standard deduction.
	Residential interest is a common example of an itemized deduction.
	All employee trade or business expenses are itemized deductions.

Expert Solution

Step 1

The third option statement is incorrect, that is, residential interest is a common example of an itemized deduction as it is not considered as itemized deductions of an individual taxpayer.

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