Homework Answers
Question - (19 of 75)
Answer -
Step - (1) - Information Given -
Robert and Tami, married and filing jointly, lived in their home for two years. At the beginning of the third year, they sold their home at a profit of $560000.
.
Step - (2) - Analysis and Conclusion -
As per U.S. Internal Revenue Service, If a taxpayer meets the following tests, they can exclude up to $500000 (if married and file a joint return) of the gain from the sale of a main home:
- The Ownership test - The taxpayer must have owned the home for at least 2 years during the 5 years prior to the date of your sale.
- The Use test - The taxpayer must have lived in the home as their main home for at least 2 of the past 5 years.
In the given case, The couple qualifies for the married filing joint exclusion of $500000 because they meets the tests. Consequently, they can exclude $500000 from the taxable gain.
Hence, Option - (D) is Correct.
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Mark for follow up Question 19 of 75....
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Question 66 of 75. All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. o Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees. Mark for follow up Question 67 of 75. Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or...
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Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign national) of the U.S.? O An individual who is not a U.s. citizen or a resident alien. o A U.S. citizen who has renounced their US. citizenship. ⓔ A taxpayer who is not required to file a U.S. income tax return. 0 A foreign diplomat stationed in the U.S. for three years. Mark for follow up Question 61 of 75. Bronson sustained a $43,290...
Justin case
Mark for follow up Question 30 of 75, Which of these is NOT a potential trigger for calculating the Additional Child Tax Credi O The taxpayer's modified adjusted gross income exceeds$ O The taxpayer has a balance due on their return. O The taxpayer has three or more qualifying children. Due to tax liability limits, the taxpayer did not receive the maximum Child Tax Credit for which they were eigt、 □ Mark for follow up
Cancellation of Debt Question 1 of 75. No taxable income is recognized from cancellation of debt when the O Taxpayer was solvent prior to the cancellation of debt. O Debt canceled was recourse debt. O Canceled debt was for the taxpayer's second home. O Cancellation of debt was intended as a gift. Mark for follow up Question 2 of 75. A taxpayer will be able to exclude all the income from their canceled debt if th O Received a Form...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question 11 of 75 O $10,000 O $5,000 。$3,000 O $1,000 □Mark for folow up 曰 Question 12 of 75. Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange? O Miranda traded a commercial refrigerator plus $5,000 for Patricia's commercial refrigerator O Lois exchanged a commercial sewing machine for Edwina's commercial sewing machine plus $5,000 in cash. O...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
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□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of home expenses? O Depreciation O Mortgage interest. O Rent O Utilities. Question 36 of 75. Rents received as payment for use of real estate held for investment purposes are: O Not-for-profit income, reported on Form 1040, line 21. O Investment income, reported on Schedule E O Business earned income, reported on Schedule C. O None of...
a ref Question 34 of 75. If a self-employed taxpayer fails to bring documentation to prove theit income but wants to claims the Earned income Credit, the Child Tax Credit/Additional Child Tax Credit, andlor the American Opportunity Credit, the Tax Professional O Must be given other evidence that the self-employment income is correct and complete before completing and signing the O Cannot prepare the return. Que return Pen OMay not claim any of these credits on the taxpayer's return. Should...
Mark for follow up Question 49 of 75. Mario purchased a rental house on March 1 of last year. It was vacant when she bought it. She decided to paint the interior and install new carpeting before showing the property to potential tenants. The work was completed on April 11. That same day, Marie put out a vacancy sign and began showing the property to prospective tenants. She received a signed lease from a new tenant on May 28, and...
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