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OverLord2011 [107]
3 years ago
13

Mary purchased a home in year 1 for $200,000. She made a 20-percent down payment and financed the rest with a 15 year loan at si

x percent. In year 1, she took out a $20,000 home equity loan and used the proceeds to go on a trip around the world. In year 2, her interest payments were $9,600 on her mortgage and $1,400 on her home equity loan. What amount can she deduct in year 2 as an itemized deduction?
Business
1 answer:
Serjik [45]3 years ago
8 0

Answer:

If Mary decides to itemize her deductions, she can deduct $11,000 from her gross income (= $9,600 + $1,400).

Explanation:

For 2019, Mary can deduct mortgage interests from her first loan and the interests from her home equity loan as itemized deductions. Deductions are available for mortgage debt and other home equity loans up to $500,000 for single filers and $1,000,000 for married joint filers.

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Consider the circular flow model to answer the questions that follow.
Zarrin [17]

Answer:

The answer is :

A. Resource market - income

B. Expenditure - product market.

Explanation:

A. Resource market - income

B. Expenditure - product market

The circular flow model shows how money moves through the economy in exchange for goods, services, and resources.

A.

In circular flow of income, households provide inputs to firms through the resource market(matket where households supply land, labor, capital, and entrepreneurship) in exchange for money(income or wages).

B.

Also in circular flow of income, firms receives expenditure from household and this type of market is called product market(which refers to a place where goods and services are bought and sold)

6 0
3 years ago
The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project, LHD issued 7%
frez [133]

Answer:

Explanation: see attachment below

3 0
3 years ago
Financial statement users typically begin their assessment of permanent earnings with:
kirza4 [7]

Answer:

income from continuing operations.

8 0
3 years ago
Which organization has the highest market dependence? Group of answer choices a chain of rapid-service oil change shops. a manuf
pashok25 [27]

Answer:

The correct answer is letter "D": company that specializes in making replacement tiles for the space shuttle.

Explanation:

Market-dependent industries are those whose production relies on the manufacturing of another institution. This is a threat for the entity since if the other producers fail, the entity is likely to follow the same path. The situation is even worse when the manufacturing company produces rare or uncommon goods.

Therefore, <em>a firm producing replacement tiles for space shuttles is highly market-dependent since a few organizations worldwide require spare parts for space tiles, which is not a common product traded in the market.</em>

7 0
3 years ago
Randolph is a 30 percent partner in the RD Partnership. On January 1, RD distributes $15,000 cash, an investment with a fair val
FinnZ [79.3K]

Answer:

Randolph's basis in the distributed investment and land are as follows:

Investment = $10,000

Land = $23,000

Explanation:

The first step is that Randolph's basis in his RD Partnership interest of $48,000 is allocated to the distributed assets in an amount equal to the basis RD Partnership.

After this, Randolph will allocate remaining basis to assets which are not cash, hot assets and investment with unrealized appreciation.

Based on the above explanation, Randolph's basis in the distributed are as follows:

Cash = $15,000

Investment = Investment's Inside basis = $10,000

Land = Randolph's basis in his RD Partnership interest - Cash - Investment = $48,000 - $15,000 - $10,000 = $23,000

3 0
2 years ago
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