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
OLga [1]
3 years ago
10

Juanita knits blankets as a hobby and sells them. In the current year, she earns $5,000 from her blanket sales and incurs expens

es of $600. Juanita does not itemize deductions. On her tax return, she shouldA) report $5,000 of hobby income and deduct $500 of hobby expenses from AGI.B) report $5,000 of hobby income and deduct $400 of hobby expenses for AGI.C) report $5,000 of hobby income and deduct nothing from AGI since Juanita does not itemize deductions.D) report no hobby income and no hobby deductions.
Business
1 answer:
nirvana33 [79]3 years ago
6 0

Answer:

C) report $5,000 of hobby income and deduct nothing from AGI since Juanita does not itemize deductions.

Explanation:

After the passage of the Tax Cuts and Jobs Act (HR 1, “TCJA”) from the period 2018 to 2025 the hobbies deduction is no longer valid.

Thus Juanita cannot declare any deduction. As hobbies aren't businesses. They aim for fun and entertainment not profit is not entitled to the tax deduction businesses are.

You might be interested in
In​ 2015, the Washington Nationals baseball team signed pitcher Max Scherzer to a contract to play for them for seven years. He
Salsk061 [2.6K]

Answer: D. The actual value of the contract is less than $30 million for each year he plays.

Explanation:

Given that Mark sherzer will be paid $15 million per year for 14 years reflects a contract whose value at the time of signing is ($15 million × 14) = $210 million. However, the payment would not be paid at the of signing but spread over a period of 14 years with $15 million being splashed out annually. However, considering the time value of money, whereby the present value of a fixed amount decreases with time. Hence in actual sense, the $210 million face worth of the contract will actually be less than $30 million [$210/7(playing years)] as time progresses on the fixed amount paid yearly due to reduction in the value of the present value as time progresses.

7 0
2 years ago
Andrea has prepared the following list of statements about corporations. Identify whether each statement is true or false.
Afina-wow [57]

Answer:

1.True

2.True

3.True

4.False

5.True

6.False

7.False

8.True

9.Treu

10.False

5 0
3 years ago
Gi Gi's Bakery has total assets of $425 million. Its total liabilities are $110 million. Its equity is $315 million. Calculate t
Neko [114]
1.34 over 3.86 xxxxxxxxxxxxxxxxxx
5 0
3 years ago
Who want to teach me for be a hacker <br> im a good boy
mestny [16]

Ok ill teach ya then

Explanation:

7 0
2 years ago
Asset cost $35,000Prepaid Insurance $5,000Maintenance costs $3,000Accumulated Depreciation $10,000Book Value $________Based on t
saveliy_v [14]
Okay, I’ll try to figure this one out for you


give me some time

Thxs
7 0
3 years ago
Other questions:
  • Have opened up new horizons for proactive and reactive investigations of consumer fraud because an investigator can begin develo
    6·2 answers
  • To reduce the potential for litigation, the keys to dealing with non-performing employees by health leaders are _____________, c
    15·1 answer
  • Of the following products, which one would typically carry high psychological risk for the average consumer?
    15·1 answer
  • Johanna agrees to purchase Jessie’s land so that she can build a golf course. They write a contract, and Johanna transfers the d
    15·1 answer
  • How do priorities and goals influence the way money is managed?
    12·1 answer
  • Dave brags to his dad that his $45,000 starting salary as a computer programmer is much higher than his dad's $28,000 starting s
    7·1 answer
  • The beliefs, attitudes, and behavior associated with a person or group; a way of life.
    12·1 answer
  • Can someone please help mee
    9·1 answer
  • Home Corporation will open a new store on January 1. Based on experience from its other retail outlets, Home Corporation is maki
    10·1 answer
  • By what date must taxes be filed in the united states?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!