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$$6,200$

$$7,780$

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Question $22$ of $40.$

Terry donated a car to a qualified charitable organization. She purchased the car in $2014$ for $$27,500.$ The fair market value of the car when she donated it was $$3,750.$ The charitable organization immediately sold the car for $$3,000.$ They did not significantly use or make any improvements to it$.$ The organization provided Terry with a Form $1098-$C$,$ Contributions of Motor Vehicles, Boats, and Airplanes.

How much can Terry deduct as a charitable contribution on her Schedule A $($Form $1040),$ Itemized Deductions?

$$500$

$$3,000$

$$3,750$

$$27,500$

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Question $23$ of $40.$

In $2023,$ Zoey incurred $$2,500$ in unreimbursed employee business expenses $($none of the expenses are impairment$-$related$).$ Her adjusted gross income was $$50,000,$ and she had no other miscellaneous deductions. What amount is she able to deduct on her federal return as an itemized deduction?

$$0$

$$250$

$$1,000$

$$2,500$

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Question $24$ of $40.$

Which of the following statements is CORRECT regarding the married filing separately filing status?

When a couple decides to file married filing separately:

Both spouses must take the standard deduction.

If one spouse itemizes, the other spouse must itemize and could have a deduction smaller than the standard deduction.

One spouse may take the standard deduction and the other spouse must itemize.

The standard deduction for taxpayers using the married filing separately status is different from the single filing status.

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Question $25$ of $40.$

Chance won $$1,000$ at Lucky Casino and $$1,350$ at Riverboat Casino. His losses for the year at Lucky Casino were $$2,000$ and his losses at Riverboat Casino were $$800.$ He also spent $$100$ for lottery tickets without winning anything. Assuming Chance has all required substantiation, what amount of gambling losses can he deduct on his federal return as an itemized deduction?

$$0$

$$2,350$

$$2,800$

$$2,900$

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Question $26$ of $40.$

Ross is single. He purchased a new main home in March of $2017\mathrm{ }$for $$900,000.$ Ross will be itemizing his deductions. On what portion of the acquisition debt will interest be deductible on his $2023$ tax return?

$$375,000$

$$500,000$

$$750,000$

$$900,000$

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