for the Tax Professional
|30 Years Experience in Tax Education
|TaxEase will electronically report
the student's continuing education
hours to either or both the IRS and
CTEC upon successful completion of
|TaxEase has found 2 errors in the Update Questions, please use
the questions below. We apologize for any inconvenience.
Affect orders placed prior to 6/15/2016
4. TCJA included many changes to the itemized deductions, which of the
statements is not correct? For this question assume the total itemized
deductions are more
than the standard deduction.
A. Casualty losses that are declared by the Governor of a state are
allowed as a
deduction on the Federal Schedule A.
B. Expenses of a home office or part of the employee's home used
exclusively for work are not allowed as a deduction in 2018.
C. Points related to home equity indebtedness are not a deduction in
D. In 2018 if the taxpayer paid property taxes of $7,000 and had
withholding of state
income taxes in 2018 of $5,500, the total deduction on Schedule A will be
11. Under TCJA, for tax years beginning after December 31, 2017, and
before January 1, 2026,
excess business losses of a taxpayer other than a corporation are not
allowed for the tax
year. Which of the following is not correct regarding excess business
A. Excess business losses are carried forward and treated as part of the
operating loss carryforward in subsequent tax years.
B. The passive loss rules do not apply to this provision.
C. The present-law limitation relating to excess farm losses does not
D. NOL carryovers generally are allowed for a tax year up to the lesser of
amount or 80 percent of taxable income determined without regard to the