67.9k views
2 votes
Under certain circumstances, a taxpayer may take both the standard deduction and itemized deductions in the same year.

a)true b)false

User Acesmndr
by
8.0k points

1 Answer

5 votes

Final answer:

The statement that a taxpayer may take both the standard deduction and itemized deductions in the same tax year is false. Taxpayers must choose one or the other. The Three-Fifths Compromise dealt with both representation and taxation.

Step-by-step explanation:

A taxpayer in the United States is not allowed to take both the standard deduction and itemize deductions in the same year. The claim that a taxpayer may take both the standard deduction and itemized deductions in the same year is false. When preparing a tax return, the taxpayer must choose either to take the standard deduction or to itemize deductions. This decision is based on which option provides the greater tax benefit. Taxpayers often choose itemized deductions when their allowable expenses that can be itemized exceed the amount of the standard deduction. These expenses could include items like mortgage interest, property taxes, state and local taxes, charitable contributions, and medical expenses. The Three-Fifths Compromise was indeed about representation and taxation. This historical agreement during the constitutional convention of 1787 determined that three-fifths of the slave population would be counted for determining direct taxation and representation in the United States House of Representatives.

User Marc Simon
by
7.2k points