Chapter Introduction
After completing Chapter 10, you should be able to:
⦁ LO.1Distinguish between deductible and nondeductible personal expenses.
⦁ LO.2Define medical expenses and compute the medical expense deduction.
⦁ LO.3Contrast deductible taxes with nondeductible fees, licenses, and other charges.
⦁ LO.4Explain the Federal income tax treatment of property taxes, state and local income taxes, and sales taxes.
⦁ LO.5Distinguish between deductible and nondeductible interest and apply the appropriate limitations to deductible interest.
⦁ LO.6Recognize charitable contributions and identify their related measurement problems and percentage limitations.
⦁ LO.7List the expenses that are deductible as other itemized deductions.
⦁ LO.8Identify tax planning strategies that can maximize the benefit of itemized deductions.