1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zalisa [80]
2 years ago
15

When a taxpayer rents a residence for part of the year, the residence is not eligible as a qualified residence for the home mort

gage interest expense deduction unless the taxpayer's: Multiple Choice personal use of the home exceeds half of the taxpayer's rental use of the home. personal use of the home exceeds the lesser of 14 days or 10 percent of the taxpayer's rental use of the home. personal use of the home exceeds the greater of 14 days or 10 percent of the taxpayer's rental use of the home. personal use of the home exceeds the taxpayer's rental use of the home.
Business
1 answer:
Ket [755]2 years ago
5 0

When a taxpayer rents a residence for part of the year, the residence is not eligible as a qualified residence for the home mortgage interest expense deduction unless the taxpayer's: personal use of the home exceeds the taxpayer's rental use of the home.

<h3>Who is a taxpayer?</h3>

A taxpayer is a person or organization subject to pay a tax. Modern taxpayers may have an identification number, a reference number issued by a government to citizens or firms. The term "taxpayer" generally characterizes one who pays taxes.

Therefore, the correct answer is as given above.

learn more about tax: brainly.com/question/25783927

#SPJ1

You might be interested in
Suppose the dollar interest rate and the pound sterling interest rate are the same, 5 percent per year. What is the relation bet
Len [333]

Answer:

1.6

Explanation:

Please see attachment .

Download pdf
8 0
3 years ago
Margot's Deli Company has the following information for July. Cost of materials placed in production $30,000 Direct labor 25,000
matrenka [14]

Answer:

cost of goods manufactured= $68,400

Explanation:

Giving the following information:

Cost of materials placed in production $30,000

Direct labor 25,000

Factory overhead 14,000

Work in process inventory, July 1 2,900

Work in process inventory, July 31 3,500

<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>

<u></u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 2,900 + 30,000 + 25,000 + 14,000 - 3,500

cost of goods manufactured= $68,400

8 0
3 years ago
The student-run newspaper asks students to visit a web page and respond to questions regarding a proposed tuition increase. Only
disa [49]

Answer:

C) both anonymous and confidential

Explanation:

  • As the student-run, the new paper and ask other students to visit a link firm the new paper and respond to those questions and the responses for only those questions were recorded.  
  • This indicates that the newspaper survey is anonymous and confidential as the ant student can fill the survey and the information that is confidential as none outside the newspaper has access to those responses.
6 0
3 years ago
For various reasons related to trying to prevent a catastrophic recession during the pandemic, the federal government has and wi
Novosadov [1.4K]

Answer:

$0.316 trillion per annum

Explanation

According to the scenario, computation of the given data are as follow:-

Interest rate = 0.5% = 0.005

Government Borrows = $6 trillion

Time = 20 years

Required Uniform Annual Payment= Government Borrows × Interest Rate × [(1 + Interest Rate)^Time period ÷ (1 + Interest Rate)Time period] - 1

= $6 trillion × 0.005 × [(1 + 0.005)^20 ÷ (1 + 0.005)^20 - 1]

= $0.03 trillion × [(1.005)^20 ÷ (1.005)^20 - 1]

= $0.03 trillion × (1.1049 ÷ 1.1049 - 1)

= $0.03 trillion × (1.1049 ÷ 0.1049)

= $0.03 trillion × 10.533

= $0.316 trillion per annum

3 0
3 years ago
Thomas purchased 200 shares of stock A for ​$23 a share and sold them more than a year later for $ 19 per share. Be purchased 60
Delicious77 [7]

Answer:

Capital gain tax = $1,540.

Explanation:

As per the data given in the question,

For stocks of A  

Profit = (selling price - purchasing price) × units

= ($19 - $23) × 200

= -$800

For stocks of B  

Profit = ($57-$41) × 600

= $9,600

Total profit = profit for stock A + profit for stock B  

= -$800 + $9,600

= $8,800

Therefore, capital gain for both year = $8,800

Tax rate = 35%

Capital gain tax = Capital gain × Tax rate

= $8,800 × 35%

=$3,080

As share holds for more than a year,

So, Capital gain tax = $3,080 ÷ 2 = $1,540.

5 0
2 years ago
Other questions:
  • An economy initially has 200 units of physical capital per worker. Each year, it increases the amount of physical capital by 10%
    11·1 answer
  • You are a valuable member of the student store staff. You handle many of the cash box transactions, moving the daily cash betwee
    14·1 answer
  • Read the sentence.
    11·2 answers
  • When the government implements programs such as progressive income tax rates, which of the following is likely to occur? a. equa
    5·1 answer
  • Miller Mining, a calendar-year corporation, purchased the rights to a copper mine on July 1, Year 1. Of the total purchase price
    5·1 answer
  • An FHA-insured loan in the amount of $57,500 at a 6 ½% interest rate for 30 years was closed on March 17. The first monthly paym
    12·1 answer
  • You are working with your project team to schedule activities for your construction project. You have the carpet installation ac
    15·1 answer
  • Giancarlo has received an inheritance from his rich uncle and is contemplating the purchase of a Suzuki XL7. In an attempt to ma
    15·1 answer
  • The difference between who you
    6·1 answer
  • On January 2, 2020, Orange Corporation purchased equipment for $300,000 with an ADS recovery period of 10 years and a MACRS usef
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!