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DochEvi [55]
3 years ago
7

Renee paid $4,000 in mortgage interest on a $110,000 mortgage that was taken out when she bought her home several years ago. She

also has a home equity loan of $130,000 that she used to pay for a cruise around the world. The interest on the home equity loan was $8,000. What amount is deductible as interest expense for Renee in 2021
Business
1 answer:
ruslelena [56]3 years ago
4 0

Answer:

The amount that is deductible as interest expense for Renee in 2021 is:

= $4,000.

Explanation:

a) Data:

Home mortgage - $110,000

Interest on home mortgage = $4,000

Home equity loan for a cruise around the world = $130,000

Interest on the home equity loan = $8,000

Deductible interest expense for Renee in 2021 is $4,000

b) Usually, the interest expenses that a taxpayer pays on her home equity loan to enjoy a cruise around the world, on personal credit card, on automobile loan, and on other types of personal consumer finance interests are not tax-deductible.

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Diminishing marginal utility:a. occurs when a consumer buys more of a good as a result of a relative price change.b. occurs when
Rama09 [41]

Answer:

The correct answer is option b.

Explanation:

The marginal utility is the utility derived from the consumption of each additional unit of the good.

The diminishing marginal utility means the decline in the marginal utility derives from the consumption of a good with each additional unit of good consumed.

It has been observed that as an individual consumes a good the utility or satisfaction derived from the consumption of each unit is lower than the previous unit.

7 0
3 years ago
Which one of the following private property owners is exempt from federal fair housing laws? The property owner is a church and
sp2606 [1]

Most housing is covered under the Fair Housing Act. The Fair Housing Act has a few exceptions, including:

  • A home with four units or fewer, provided that the owner resides in one of them. It's crucial to note, however, that these homes are not exempt from the Pennsylvania Human Relations Act unless they have just two units, one of which is owner-occupied.
  • If the private individual owner doesn't own more than three such single-family residences at once, single-family housing can be sold or rented without the help of a broker. Please be aware that since this exemption is not included in the Pennsylvania Human Relations Act, these residences are not exempt in Pennsylvania.
<h3>What are the exemptions to the Fair Housing Act?</h3>

There are a few exemptions to the Fair Housing Act: A dwelling with four or fewer units, if the owner lives in one of the units – however, it is important to note that these dwellings are not exempt from the Pennsylvania Human Relations Act unless they contain only two units, with one being owner occupied.

<h3>Is Marian exempt from the Fair Housing Act?</h3>

Marian falls under the "Mrs. Murphy" exemption to the federal Fair Housing Act, but there is no such exemption from the Civil Rights Act of 1866, which prohibits discrimination based on race.

Learn more about Fair Housing Act:

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#SPJ4

8 0
1 year ago
What are two jobs that ms. haddix did before she published her first book?
Diano4ka-milaya [45]
<span>The specific person is not known. In order to give the best response to this question, the data or the information that was given at the start of the question needs to be provided. Making the data attached would help us to make the best answer and not make an educated guess as this would be impossible.</span>
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3 years ago
Your mom is thinking of retiring. her retirement plan will pay her either $250,000 immediately on retirement or $350,000 five ye
WITCHER [35]
I will go with choice b for answer
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4 years ago
A perfectly competitive industry exists under which of the following conditions? I. The product sold is similar across firms. II
Oksanka [162]

Answer:

I, II, and IV only

Explanation:

  • A perfect competition is defined by an idealizing market and shows that the market will reach equilibrium.
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3 years ago
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