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Deffense [45]
3 years ago
15

During the year, Lillie rented her vacation home for three months and spend one month there. Gross rental income from the proper

ty was $5,000. Lillie incurred the following expenses: mortgage interest, $3,000; real estate taxes $1,500; utilities, $800; and depreciation, $4,000. Compute Lillie's allowable deductions for the vacation home.
Business
1 answer:
77julia77 [94]3 years ago
7 0

Answer:

$8,100

Explanation:

The home was rented for more than 14 days, you must pay taxes for the rental income

Since Lille used the house for more than 15 days herself, limits her deduction. The home cannot be treated as rental home nor personal use vacation home.

total days used = (30 x 3) + 30 = 120 days

rental days = 90/120 = 75% (this doesn't apply to mortgage interest nor real estate taxes, they are still 100% deductible)

mortgage interest and real estate taxes still qualify as personal expenses = $3,000 + $1,500 = $4,500

utilities and depreciation will be deducted only 75% = ($800 + $4,000) x 75% = $3,600

total deductions = $4,500 + $3,600 = $8,100

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Answer:

increase by less than $5

Explanation:

A tax is a compulsory amount levied by the government or an agency of the government on goods and services.

Taxes increases the price of a product.

If a $5 tax is levied on the tickets, the price of the ticket would increase by less than $5. The burden of the tax of $5 would be shared by both buyers and sellers. The party with the less elastic demand / supply would bear the greater burden of the tax.

I hope my answer helps you

6 0
3 years ago
According to purchasing-power parity, if it took 58 Indian rupees to buy a dollar today, but it took 55 to buy it a year ago, th
oksano4ka [1.4K]

Answer:

Given that,

Current exchange rate between India and U.S :

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Exchange rate between India and U.S a year ago :

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Above information conclude that the currency of India depreciates whereas  currency of united states appreciates.

This is due to the increase in the exchange rate in India. Now, a dollar become more expensive than it a year ago.

So, the Indian rupee depreciated and U.S dollar appreciated.

 

3 0
3 years ago
Once you purchase a house. It typically appreciates in value. Appreciation is
Hitman42 [59]

Answer:

A.

Explanation:

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7 0
3 years ago
Many adults owe money from their college loans for years into their professional careers. a newspaper would like to estimate the
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Because only young adults were sampled, undercoverage bias may cause the newspaper to overestimate the proportion of all adults who have college debts.

<h3><u>What is bias in sampling?</u></h3>

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Learn more about sampling bias with the help of the given link:

brainly.com/question/11094051

#SPJ4

7 0
1 year ago
What is the information that helps managers determine how to do better than others?
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Well managers learn more efficient ways than most others which helps them alot such as having people on task, making sure no one is lacking on working times or any thing is messed up. managers are the ones who keep tracks on tasks that not alot of others can.

4 0
3 years ago
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