Which of the following are deductions for AGI?
A) Mortgage interest on a personal residence.
B) Property taxes on a personal residence.
C) Mortgage interest on a building used in a business.
D) Fines and penalties incurred in a trade or business.
E) None of the above.

Question

Quizplus · Accepted Answer

Only mortgage interest on a building used in a business is considered a deduction for AGI. Mortgage interest on a personal residence and property taxes on a personal residence are deductions from taxable income (itemized deductions). Fines and penalties incurred in a trade or business are not deductible.

Which of the Following Are Deductions for AGI