Multiple choice general knowledge

WHICH OF THE FOLLOWING DOES NOT COUNT AS AN ITEMIZED DEDUCTION ON YOUR INCOME TAX?

  1. THE COST OF UTILITIESLIKE WATER AND GAS

  2. THEFT LOSSES

  3. GAMBLING LOSSES

  4. INCENTIVES
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Utilities (water, gas, electricity) for personal residence are personal living expenses, not deductible itemized expenses. Itemized deductions include things like state/local taxes, mortgage interest, charitable contributions, medical expenses above threshold, casualty losses, and gambling losses (to extent of winnings).

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