Homework Answers
Expenses related to personal residence are usually not allowed as deductions from AGI.
Fines and penalties incurred are what paid against not complying certain statutory provisions, and are not eligible to be claimed as deductions from AGI.
Whereas, expenses incurred on a building used for business purpose, against which business tax payer is declaring the AGI can be claimed as a deduction, therefore Mortgage interest on a building used in a business can be claimed as a deduction from AGI.
Add Answer to:
. Which of the following are deductions for AGI? a. Mortgage interest on a personal residence....
Alice rented her personal residence for 13 days to summer vacationers for $4,800. She has AGI of $110,500 before the ren...
Alice rented her personal residence for 13 days to summer vacationers for $4,800. She has AGI of $110,500 before the rental income. Related expenses for the year include the following: Real property taxes $ 4,420 Utilities 5,900 Insurance 950 Mortgage interest 7,800 Repairs 910 Depreciation 18,500 a. What is the net rental income includible in AGI? Net rental income: b. Is mortgage interest and property taxes deductible on Schedule A? yes or no
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
5. Dave and Jennifer Smith are married and file a joint return. They purchased their primary residence in January 2...
5. Dave and Jennifer Smith are married and file a joint return. They purchased their primary residence in January 2018, and had a mortgage outstanding of $800,000. In 2018 they paid $26,000 in total mortgage interest on their mortgage of which $24,375 was due to $750,000 of their mortgage debt, $13,450 in property tax, and made $12,000 in cash charitable contributions. The Smith's AGI for the year was $275,000 and they paid S17,814 in state income tax. What is the...
22. For the current year, Al Johnson used his personal car for both business and personal...
22. For the current year, Al Johnson used his personal car for both business and personal purposes. He drove 18,000 miles in the car during the year: 10,000 miles were for business-related purposes and 8,000 miles were for personal purposes. He incurred the following car expenses during the year: Amount Expense Gas $7,900 900 Maintenance Repairs and depreciation Car washes Totale nton 900 500 $10,200 nobo Based on this information, what part of the above car expenses is deductible as...
(The following information applies to the questions displayed below] Dillon rented his personal residence at Lake...
(The following information applies to the questions displayed below] Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows: Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation 3,100 12,080 1,500 1,500 3,989 13.000 Book Print erences Problem 6-37 Part a...
Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in...
Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $6,400. Expenses associated with use of the home for the entire year were as follows: $ Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation 3, 150 12,375 1,375 1,570 5,280 12,800 Problem 14-57 Part b b. What are Dillon's itemizable real property taxes and itemizable...
The deduction for mortgage interest on your personal residence (s) is limited to how many homes?...
The deduction for mortgage interest on your personal residence (s) is limited to how many homes? A. 1 B. Any 2 homes C. Any 3 homes D. A principal residence and any 1 other home
3. Which of the following is not deductible FROM AGI? Interest on a home mortgage Charitable...
3. Which of the following is not deductible FROM AGI? Interest on a home mortgage Charitable contributions State and local income taxes Alimony All of the above are deductible from AGI 4. John is a calendar-year taxpayer whose wife died in August of 2019. His eight year-old son lives with him. During 2019, he had salary income of $47,000, $600 of dividend income, and received $50,000 as the beneficiary on his wife's life insurance policy. He made a $5,000 contribution...
Stuart Adelene, who lives in a winter resort area, rented her personal residence for 14 days...
Stuart Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting Brussels. Rent income was $5,000. Related expenses for the year were as follows: Real property taxes $3,800 Mortgage interest 7,500 Utilities 3,700 Insurance 2,500 Repairs 2,100 Depreciation 15,000 If an answer is zero, enter "0". a. Determine how much of the rental income is reportable. $ b. Determine whether the expenses are deductible. Select "Yes" if deductible otherwise select "No"....
Which of the following, if any, is a deduction for AGI? a. State and local sales...
Which of the following, if any, is a deduction for AGI? a. State and local sales taxes. b. Interest on home mortgage. c. Charitable contributions. d. Unreimbursed moving expenses of an employee (not in the military). e. None of these.
5. Dave and Jennifer Smith are married and file a joint return. They purchased their primary residence in January 2018, and had a mortgage outstanding of $800,000. In 2018 they paid $26,000 in total mortgage interest on their mortgage of which $24,375 was due to $750,000 of their mortgage debt, $13,450 in property tax, and made $12,000 in cash charitable contributions. The Smith's AGI for the year was $275,000 and they paid S17,814 in state income tax. What is the...
22. For the current year, Al Johnson used his personal car for both business and personal purposes. He drove 18,000 miles in the car during the year: 10,000 miles were for business-related purposes and 8,000 miles were for personal purposes. He incurred the following car expenses during the year: Amount Expense Gas $7,900 900 Maintenance Repairs and depreciation Car washes Totale nton 900 500 $10,200 nobo Based on this information, what part of the above car expenses is deductible as...
(The following information applies to the questions displayed below] Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows: Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation 3,100 12,080 1,500 1,500 3,989 13.000 Book Print erences Problem 6-37 Part a...
Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $6,400. Expenses associated with use of the home for the entire year were as follows: $ Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation 3, 150 12,375 1,375 1,570 5,280 12,800 Problem 14-57 Part b b. What are Dillon's itemizable real property taxes and itemizable...
3. Which of the following is not deductible FROM AGI? Interest on a home mortgage Charitable contributions State and local income taxes Alimony All of the above are deductible from AGI 4. John is a calendar-year taxpayer whose wife died in August of 2019. His eight year-old son lives with him. During 2019, he had salary income of $47,000, $600 of dividend income, and received $50,000 as the beneficiary on his wife's life insurance policy. He made a $5,000 contribution...
Most questions answered within 3 hours.
-
A laser used in LASIK eye surgery produces 50 pulses per second.
The wavelength is 192...
asked 4 minutes ago -
Smith Inc. recently reported operating income of $2.75 million,
depreciation of $1.20 million, and had a...
asked 5 minutes ago -
A
nurse is trying to understand the structure and chain of command of
a healthcare organization....
asked 8 minutes ago -
Two buckets of mass 17.1 kg and 11.3 kg are attached to the ends
of a...
asked 7 minutes ago -
A company is interested in estimating the costs of lunch
in their cafeteria. After surveying employees,...
asked 11 minutes ago -
A woman expends 94 kJ of energy in walking a kilometer. The
energy is supplied by...
asked 22 minutes ago -
Our ability to see distinct edges as well as our errors in
contrast perceptions (e.g., seeing...
asked 14 minutes ago -
you want to measure the gravitational acceleration at your
location. since g does not vary significantly...
asked 28 minutes ago -
Aside from commercial tools that are specifically geared toward
TAR/PC( Technology-Assisted Review), are there potential
alternative...
asked 30 minutes ago -
the period of a pendulum on earth is 5 seconds. what will be the
period of...
asked 46 minutes ago -
The
act of turning media against itself, such as flash mobs and
billboard is called
a....
asked 42 minutes ago -
A set of length measurements are obtained with the values 165.6
± 0.3, 165.1± 0.4,166.4± 1.0,...
asked 43 minutes ago