Need explanations on these topics and examples

1. Understand typical items that should (not) be included in gross income
2. Understand tax treatment of gains and losses on the sale of personal use assets
3. Understand each major itemized deduction (qualified expenses) and
compute the total itemized deduction
4. Understand limitations on mortgage interest deduction
5. Understand tax rules regarding charitable contributions and issues related
to contributing appreciation assets
6. Understand tax consequences related to owning a home; compute
gain/loss on the sale of the residence and its tax consequences
7. Understand tax treatment of education expenses
8. Understand tax rules regarding hobby activities

Answer rating: 100% (QA)

Sure I can provide explanations and examples for each of the topics you mentioned 1 Gross Income Gross income includes all income you receive in the f... View the full answer