Answer: See explanation
Explanation:
a. Which of these expenses can Robert deduct?
From the question, the deductible expenses will include the property taxes and the mortgage interest.
b.Can Anne deduct the $1,500 of property taxes?
Anne cannot deduct the $1,500 of property taxes because the $1500 has already been paid by Robert who is his father.
c.Are the deductions for AGI or from AGI (itemized)?
The deductions are from AGI itemized.
d.How could the tax consequences be improved?
The tax consequences be improved when a cash gift is given to Anne by his father Robert and then pay for her expenses.
The correct answer would be : Legal document
Bond indenture is a contract agreement between two parties, in which it specifies the responsibilities that should be fulfilled by each party. This contract agreement is a legal document, which mean that it's enforceable by law
$122,000 is Shulster's net income
To find the net income, subtract expenses and taxes from the gross income.
380,000 - 210,000 - 48,000 = 122,000
Answer:
$4,424
Explanation:
Calculation to determine what amount would you have lowered your federal income tax
Using this formula
Reduction in Federal income tax amount = (Mortgage interest + Real estate taxes) x Tax rate
Let plug in the formula
Reduction in Federal income tax amount= ($13,200 + 2,600) x 0.28
Reduction in Federal income tax amount=$15,800×0.28
Reduction in Federal income tax amount = $4,424
Therefore The amount that you would have lowered your federal income tax is $4,424
