1. Which of the following cannot be listed as an itemized expense on Schedule A?
A. Interest you paid on your home mortgage and home equity loan
B. State and local income taxes you paid during the year
C. Traditional IRA contributions made during the year
D. Medical expenses that are over than 10% of your Adjusted Gross Income
2. What is the main advantage of using a home equity line of credit (HELOC) to pay off your credit card balances?
A. The entire loan payment is tax deductible.
B. The HELOC has regularly scheduled payments, unlike a credit card.
C. Your house may be used as collateral for the loan.
D. You can list the interest paid on the HELOC as an itemized tax deduction.