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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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2 years ago

This document summarizes why the project is important by describing the benefits of a selected component, and is used as a basis

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Answer:

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Explanation:

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3 years ago

Your company obtains a short term loan on September 1st, 2019 to cover costs to purchase inventory. The loan is for $50,000, the

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Answer:

a. Journal Entry on September 1st, 2019:

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b. Journal Entry to accrue interest on December 31st, 2019 is:

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c. Interest Expense on March 31st, 2020 is :

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Explanation:

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2 years ago

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Answer:

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3 years ago

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The calculation used in getting the answer is found in the attachment.

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3 years ago