I need help with the following questions:
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Homework Answers
1.) Option - 'C'; $42,000
If Net Capital losses exceed capital gains, the maximum annual deduction is $3,000. Therefore,
Martha's Capital Loss Carryforward = $45,000 - $3,000
= $42,000
2.) Option - 'C'; $0
As the tutuion and the fees deduction were expired at the end of 2016, Toni and Beyonze cannot claim any such deduction.
3.) Option - 'E'; None of the choices are correct
As the vacation home is used for more than 14 days or 10% of the rental days, the 14 days rules applies which states that maximum expenses upto of the rental income will be allowed and the rental loss will not be allowed.
[ As HOMEWORKLIB RULES expert guidelines I am allowed to answer only one question but still i answered three of it, hope you'll understand sir. ]
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