Question: A single client lives in Florida. The client is attempting to quickly calculate whether to take the standard deduction or to itemize deductions. The client
A single client lives in Florida. The client is attempting to quickly calculate whether to take the standard deduction or to itemize deductions. The client has paid $ in home mortgage interest and donated $ to charities. The client used a home equity line of credit to purchase a car has also paid $ in HELOC interest for that loan along with $ in property taxes. Which of the following expenses can the client claim as itemized deductions?
I. Home mortgage interest
II Charitable contributions
III. HELOC interest
IV Sales taxes
Question options:
A
I, II III and IV
B
I, II and IV only
C
I and II only
D
II and IV only
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