which questions here have the wrong answer selected?Homework Answers
Question 3 has wrong selected.
Question 3- Fines and penalties are deductible if paid in the course of carrying on a trade or business. The answer is true. Fines and penalties are deductible to the extent they don't arise from law violation. Fines that reimburse the government for losses are deductible.
Rest all responses are correct.
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which questions here have the wrong answer selected?
1 points ✓ Saved QUESTION 1 Deductions are...
which questions have the wrong answer selected? QUESTION 10 1 points ✓ Saved A deduction is...
which questions have the wrong answer selected?
QUESTION 10 1 points ✓ Saved A deduction is allowed for the partial worthlessness of a business bad debt. True • False 1 points ✓ Saved QUESTION 11 If uninsured business property is completely destroyed, the amount of the deduction is always the adjusted basis of the property True False 1 points Saved QUESTION 12 If investment use property is completely destroyed, the amount of the deduction is always the adjusted basis of...
which questions have the wrong answer selected? 1 points v Saved QUESTION 6 Tom participates for...
which questions have the wrong answer selected?
1 points v Saved QUESTION 6 Tom participates for 300 hours in Activity A and 250 hours in Activity B, both of which are nonrental businesses. Both activities are active. True False 1 points Saved QUESTION 7 Kathy, who owns an apartment building, has AGI below $100,000 participates for 550 hours in the tax year in managing the activity. Therefore, a loss from the activity up to 25,000 will be treated as a...
what questions have the wrong answer selected? QUESTION 15 1 points v Saved The half-year conventions...
what questions have the wrong answer selected?
QUESTION 15 1 points v Saved The half-year conventions used by the ACRS rules and the MACRS rules are the same True False QUESTION 16 1 points ✓ Saved Under MACRS rules, a mid-quarter convention is required if more than 40% of the value of personal property is placed in service during the fourth quarter of the year. True False QUESTION 17 1 points Saved For personal property placed in service after December...
Utilities and maintenance deductible is? Deductible depreciation is? Net income from activity? If it’s approach is...
Utilities and maintenance deductible is? Deductible
depreciation is? Net income from activity? If it’s approach is used
for deduction, what is the net income from activity? What is the
order of deduction?
this is for the year ending in 2019. also i meant to put if the IRS
aproach is used for the deductions what would be the net income
from the activity.
2 points Saved QUESTION 49 B. During the year Martin rented his vacation home for three months...
1) The taxpayer must file Schedule A, Itemized Deductions, to claim which of the following deductions?...
1) The taxpayer must file Schedule A, Itemized Deductions, to claim which of the following deductions? a) Mortgage interest paid. b) Student loan interest deduction. c) Educator expenses. d) IRA deduction. 2) Melba receives most of her income from wages from her job as a high school teacher. She also receives supplemental income from freelance tutoring part-time during the summer. Because her tutoring income is not subject to withholding, Melba is concerned that she will have a balance due at...
3. This question is worth 10 points During the year, Evan rented his vacation home for...
3. This question is worth 10 points During the year, Evan rented his vacation home for 60 days and spen 90 days there. Gross rental income from the property was $3,000. Evan incurred the following expenses mortgage interest, $2,000 real estate taxes, $2,500 utilities, $1,000 maintenance, $300, and depreciation, $$,000 Identify how this vacation home is treatod the type (personal, rental. personal/rental), and how your conclusion (state the nule and apply the facts to the rule) 2 Compute Evan's allowable...
Question 3 Not yet answered Which of the following statements is incorrect? Answer saved Points out...
Question 3 Not yet answered Which of the following statements is incorrect? Answer saved Points out of Select one: 1.00 a. If a taxpayer buys a dishwasher in Oregon which charges no sales tax, she will owe use tax in California. Remove flag b. Deductible property taxes include taxes on personal property. c. The heir does not pay income tax on property she receives from the estate after decedent dies. d. When the recipient of a gift receives the gift...
Please answer all the following questions. When you rent out your home for more than 14...
Please answer all the following questions.
When you rent out your home for more than 14 days per year, you have to declare your income and may have to pay taxes. However, it is not as bad as it sounds. This is because certain costs of running a home that would otherwise not be deductible, such as utilities and insurance, become partially deductible when the home is used to produce rental income. The textbook on page 14-18 (see PPTS below)...
3. This question is worth 10 points During the year, Evan rented his vacation home for...
3. This question is worth 10 points During the year, Evan rented his vacation home for 60 days and spent 90 days there. Gross rental income from the property was $3,000. Even incurred the following expenses: mortgage interest, $2,000; real estate taxes. $2,500; utilities, $1,000; maintenance, $300; and depreciation, $5,000. (a). Identify how this vacation home is treated the type (personal, rental, personal/rental), and how you came to your conclusion (state the rule and apply the facts to the rule)...
1) Fred and Phyllis Black are a married couple with no children. On June 15, 2019,...
1) Fred and Phyllis Black are a married couple with no children. On June 15, 2019, Fred died. Phyllis has not remarried. For 2019, what is Phyllis' most favorable filing status? 2) Fred and Phyllis Black are a married couple with no children. On June 15, 2019, Fred died. In 2020, Phyllis has not remarried and has a dependent son who continues to live with her. For 2019, what is Phyllis' most favorable filing status for 2020? 3) Fred and...
which questions have the wrong answer selected?
QUESTION 10 1 points ✓ Saved A deduction is allowed for the partial worthlessness of a business bad debt. True • False 1 points ✓ Saved QUESTION 11 If uninsured business property is completely destroyed, the amount of the deduction is always the adjusted basis of the property True False 1 points Saved QUESTION 12 If investment use property is completely destroyed, the amount of the deduction is always the adjusted basis of...
which questions have the wrong answer selected?
1 points v Saved QUESTION 6 Tom participates for 300 hours in Activity A and 250 hours in Activity B, both of which are nonrental businesses. Both activities are active. True False 1 points Saved QUESTION 7 Kathy, who owns an apartment building, has AGI below $100,000 participates for 550 hours in the tax year in managing the activity. Therefore, a loss from the activity up to 25,000 will be treated as a...
what questions have the wrong answer selected?
QUESTION 15 1 points v Saved The half-year conventions used by the ACRS rules and the MACRS rules are the same True False QUESTION 16 1 points ✓ Saved Under MACRS rules, a mid-quarter convention is required if more than 40% of the value of personal property is placed in service during the fourth quarter of the year. True False QUESTION 17 1 points Saved For personal property placed in service after December...
Utilities and maintenance deductible is? Deductible
depreciation is? Net income from activity? If it’s approach is used
for deduction, what is the net income from activity? What is the
order of deduction?
this is for the year ending in 2019. also i meant to put if the IRS
aproach is used for the deductions what would be the net income
from the activity.
2 points Saved QUESTION 49 B. During the year Martin rented his vacation home for three months...
3. This question is worth 10 points During the year, Evan rented his vacation home for 60 days and spen 90 days there. Gross rental income from the property was $3,000. Evan incurred the following expenses mortgage interest, $2,000 real estate taxes, $2,500 utilities, $1,000 maintenance, $300, and depreciation, $$,000 Identify how this vacation home is treatod the type (personal, rental. personal/rental), and how your conclusion (state the nule and apply the facts to the rule) 2 Compute Evan's allowable...
Question 3 Not yet answered Which of the following statements is incorrect? Answer saved Points out of Select one: 1.00 a. If a taxpayer buys a dishwasher in Oregon which charges no sales tax, she will owe use tax in California. Remove flag b. Deductible property taxes include taxes on personal property. c. The heir does not pay income tax on property she receives from the estate after decedent dies. d. When the recipient of a gift receives the gift...
Please answer all the following questions.
When you rent out your home for more than 14 days per year, you have to declare your income and may have to pay taxes. However, it is not as bad as it sounds. This is because certain costs of running a home that would otherwise not be deductible, such as utilities and insurance, become partially deductible when the home is used to produce rental income. The textbook on page 14-18 (see PPTS below)...
3. This question is worth 10 points During the year, Evan rented his vacation home for 60 days and spent 90 days there. Gross rental income from the property was $3,000. Even incurred the following expenses: mortgage interest, $2,000; real estate taxes. $2,500; utilities, $1,000; maintenance, $300; and depreciation, $5,000. (a). Identify how this vacation home is treated the type (personal, rental, personal/rental), and how you came to your conclusion (state the rule and apply the facts to the rule)...
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