12. Grace paints pictures as a hobby and often gives them to her family as gifts. Family
members also buy them to give to others. Grace earned $2,250 selling paintings. Her
expenses are as follows:
Paints for paintings she sold
Paints for paintings she gave as gifts
Canvas for paintings she sold
Canvas for the paintings she gave as gifts
Brushes for the paintings she sold
Brushes for the paintings she gave as gifts
Frames for the paintings she gave as gifts
$ 679
850
1,200
1,450
350
450
980
What is the amount Grace should report as hobby expense on Schedule A before applying
the limit?
a)
b)
c)
d)
$2,229
$2,250
$5,959
$
0
13. Natalie had an AGI of $70,000 and the following miscellaneous itemized deductions:
Employee business expenses
Tax preparation fees
Investment expenses
$898
154
100
What is the amount of Natalie’s miscellaneous itemized deductions on line 27, Schedule A?
a)
b)
c)
d)
$1,554
$1,400
$1,152
$
0
14. Sarah wants to start a Coverdell ESA for her grandson’s education.
taxpayer establish a Coverdell ESA?
a)
b)
c)
d)
Where should a
At the IRS
A local loan company
Any bank in the U.S.
An online loan company
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