Question

True or False. 1. An individual calendar year taxpayer can take a deduction for qualifying medical...

True or False.

1. An individual calendar year taxpayer can take a deduction for qualifying medical expenses and the standard deduction in the same year?

2. An advance payment received in June 2019 by an accrual basis and calendar year taxpayer for services to be provided over a 36-month period, can be spread over the 36 month period for tax reporting purposes?

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Answer #1

Answer for question1.

An individual calender year taxpaper can not take a deduction for qualifying medical expenses and the standard deduction in the same year, hence the given statement is False.

Answer for question2.

As per the matching concept of accounting, an advance payment received in June 2019 by an accrual basis and calendar year taxpayer for services to be provided over a 36-month period, can be spread over the 36 month period for tax reporting purposes, hence the given statement is True.

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