Chapter 7: Itemized Deductions

01.Core Concepts

• Right to use property is not deductible. • i.e., rent-free occupancy • Gifts of less than entire interest are not deductible unless it is: • An undivided portion of donor’s entire interest • A remainder interest in personal residence or farm • A partial interest if transferred in trust (charitable remainder, trust charitable lead trust, pool income fund) • A charitable gift annuity