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MariettaO [177]
3 years ago
5

Miller owns a personal residence with a fair market value of $380,900 and an outstanding first mortgage of $304,720, which was u

sed entirely to acquire the residence. This year, Miller gets a home equity loan of $19,045 to purchase a new fishing boat. How much of this mortgage debt is treated as qualified residence indebtedness
Business
1 answer:
Romashka [77]3 years ago
6 0

Answer:

$304,720

Explanation:

According to the IRS, qualified principal residence indebtedness may include:

1)  Debt incurred in order to purchase, build or improve your house or main residence, and the debt is secured by the house or principal residence (mortgage).

Or

2) Any house debt in (1) that is refinanced in order to improve, build or purchase something of your house or principal residence, e.g. you refinance your mortgage in order to build a swimming pool. The loan balance cannot exceed the original mortgage.

A fishing boat is not considered a home improvement, so the equity loan is not considered qualified residence indebtedness.

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An electronic products producer synthesizes its abilities in miniaturization, microprocessor design, material science, and ultra
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8 0
3 years ago
Silver Corporation incurred costs of $600,000 for managing the wholesale division during the year. The customer details of the c
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The percentage of Y on total sales will be:

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8 0
3 years ago
Nadell Corporation reported the following data for the month of AprilInventory Beginning Ending Raw Materials $30,000 $32,000 Wo
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Answer:

COGS= $181,000

Explanation:

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