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Deductions for Citizens and Resident Aliens

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Deductions for Citizens and Resident Aliens

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Questions and Answers

In the calculation of family home deduction, what percentage is applied to the FMV of purely common property?

100%

50% (correct)

25%

75%

Under RA 4917, what is a requisite for deducting retirement benefits from the Gross Estate?

The retirement benefits must exceed P10,000,000

The retirement benefits must be less than P1,000,000

The retirement benefits must be included in the Gross Estate (correct)

The retirement benefits must be fully taxable

What is the limit for the family home deduction?

P1,000,000

P5,000,000

P10,000,000 (correct)

P500,000

What happened to the deduction of medical expenses under the TRAIN Law?

No longer allowed as a deduction Signup and view all the answers

For mixed property in family home deduction calculation, what percentage is used for exclusive property?

100% Signup and view all the answers

What does RA 4917 provide regarding retirement benefits of employees of private firms?

Exempting benefits from inclusion in Gross Estate Signup and view all the answers

What was the limit on medical expenses deduction before the TRAIN Law?

P500,000 Signup and view all the answers

'One family home' rule limits a person to claim how many family homes for deduction purposes?

One Signup and view all the answers

'Purely Exclusive' property in family home deduction refers to property owned by:

'Exclusive Property' Signup and view all the answers

What is the deductible amount under RA 4917 from the heirs' perspective?

The retirement benefits received by each individual heir. Signup and view all the answers