Question

Which of the following itemized deductions is not subject to the itemized deduction phase-out?gambling losses.mortgage interest.state income tax.charitable contributions.All of the choices are subject to the itemized deduction phase-out.

Answer 1

Answer: Gambling losses

From the given options, the following itemized deduction is not in regards to itemized deduction phase-out : Gambling losses

Itemized deductions are refereed to as qualified expenses that a person can demand on income tax returns and this will reduce their taxable income, and hence is demanded at place of a standard deduction.