Just an idea i'd like to share.

Breton racial:

Magicka Resistance: 25% resistance to magicka.

The Lord Stone :

25% Magic Resist.

Agent of Mara:

15% Resist Magicka.

Alteration Perk:

Magic Resistance: Blocks 30% of a spells effect.

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http://www.uesp.net/wiki/Skyrim:Resist_Magic

Now, according to this you are capped at 85%. Those active effects grant you 95% Magic Resistance by themselves, of course you end up being capped at 85% all the same, but... damn

All i will say is, i'm loving my Breton mage. No mage, no dragon can kill me

Why did you take all alteration magic resist perks? You only needed 2.

Kind of ironic that a Breton mage wearing robes can stand right in front of a dragon and not take one hit of damage, despite the fact that dragons seem to be the bane of guards and adventurers everywhere - people who obviously have some armor on.

Yeah Bretons were pretty much made to the bane of Mages and anyone who use magic, I also have one. And with spells like Dragonskin with it your just a rock.

Thanks for the type you booth.i wish i could do that right now.I hate those dam mages that loves to run from the battlefield =D

So what counts as magic damage? Does resist magic damage include fire, frost and electricity?

You have magic resistance, that works on all magic. Then elemental resistance, for specific elements. If you have 10% magic resistance and 10% fire resistance, a fire spell will do 0.81 the damage it would before. (100 x 0.9 x 0.9)

My breten mage has pretty good resistances and resistance gear but he still can be one or two hit killed by enemies on Expert mode

To enhance the potential Yes i don't need them all, just saying it.

Bretons have the +25% magic resist , but as the OP posted , there are many ways to reach the magic resist cap without being a Breton .

If you have 100 in enchanting with extra effect perk , you can also craft necklace+ring with ~25% resist magic effect on them (or more if you make fortify enchanting potions )

I'd say the best Mages are the High Elves , even against other mages , because they have more mana , faster regen , while still able to reach the resist magic cap as well

By the time you reach the end of the game, though, enchanted equipment more than beats the innate racial abilities you get at the start of the game. Initially, High Elf mages will have the advantage against other mages, but by the end both they and Breton, and Imperial, and any other racial mage are equal.

That much is true, but i still prefer Breton. Because while you can enchant yourself with magic resistance, i have that for granted. So i can go for other enchantments like increase magicka or magicka regen. I also have Recovery perk from Restoration so mana... ooops, magicka is never a problem for me. I can go well without the Altmer's racial, which is awesome of course My preference anyway!