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1、spi6235x_ch06_000-055.inddPageii31/01/135:39PMf-499~/Desktop/TempWork/%20January-2013/30:01:13/MH01795:201:SPILKER/c06chapter6IndividualDeductionsLearningObjectivesUponcompletingthischapter,youshouldbeableto:LO6-1Identifythecommondeductionsnecessaryforca
2、lculatingadjustedgrossincome(AGI).LO6-2Describethedifferenttypesofitemizeddeductionsavailabletoindividualsandcomputeitemizeddeductions.LO6-3Explaintheoperationofthestandarddeduction,determinethedeductionforpersonalanddependencyexemptions,andcomputetaxabl
3、eincome.spi6235x_ch06_000-055.inddPage131/01/135:39PMf-499~/Desktop/TempWork/%20January-2013/30:01:13/MH01795:201:SPILKER/c06owthatCourtneyhasdeterminedherNgrossincome,shestillmustdetermineherdeductionstocomputetaxableincome.Fortunately,Courtneykeepsdeta
4、iledrecordsofalltheexpendituresshebelievestobedeductible.Besidesexpensesassociatedwithherweekendconsultingworkandrentalproperty,CourtneyincurredsomesignificantcostsmovingfromCincinnatitoKansasCity.Shealsopaidself-employmenttaxesonherconsultingincomeandpa
5、idtuitionforEllentoattendsummerschool.Courtneyisconfidentmostoftheseitemsaredeductible,butsheisn’tquitesureaboutthetuition.Basedonherreviewofprior-yeartaxreturns,Courtneyhasaprettygoodhandleonheritemizeddeductions.SheincurredStorylineSummarysomeextramedi
6、calexpensestotreataTaxpayers:CourtneyWilson,age40Courtney’smotherDorothybrokenwristfromamountainbiking“Gram”Weiss,age70accidentandhadadditionalstateincomeFamilyCourtneyisdivorcedwithataxeswithheldfromherpaycheck.description:son,Deron,age10,andadaughter,E
7、llen,age20.CourtneypaidrealestatetaxesforherGramiscurrentlyresidingwithpersonalresidenceandinvestmentpropertyCourtney.Elleniscurrentlyafull-timeandinterestexpenseonloanssecuredbystudent.hernewhome.Shealsodonated(cashLocation:KansasCity,Missouriandpropert
8、y)toherfavoritecharities.EmploymentCourtneyworksasanarchitectCourtneyexperiencedlosseswhenherstatus:forEWD.pursewasstolenandwhenshedamagedGramisretired.hercarinanaccident.Sheisn’tsureifFilingstatus:Courtneyfilesashead-of-h
