Question: This figure is based on tax bracket, 5% to 15% tax rate if held over 12 months. This is used to calculate limits for certain

This figure is based on tax bracket, 5% to 15% tax rate if held over 12 months. This is used to calculate limits for certain itemized deductions. This is a blanket deduction that includes various deductible expenses normally incurred by taxpayers. Reduce AGI by the standard deduction and allowable exemptions. This can be either standard or itemized.

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