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3 years ago

7

a sole proprietor with a tentative loss may deduct which of the following for qualified business use of home expenses?

1 answer:

Elza [17]3 years ago

3 0

Complete Question:

A sole proprietor with a tentative loss may deduct which of the following for qualified business use of home expenses?

a. depreciation

b. mortgage interest

c. rent

d. Utilities

Answer:

b. mortgage interest

Explanation:

The sole proprietor with a tentative loss may deduct expenses for mortgage interest, mortgage insurance premiums, and real estate taxes under the normal rules. The sole proprietor is not allowed to deduct other expenses that are normally tax-exempt expenses, including depreciation, rent, and utilities. The amount to be deducted for mortgage interest should not exceed the percentage for business use.

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Answer:

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Explanation:

Solution

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