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Akimi4 [234]
3 years ago
14

Janet needs an elevator seat attached to her stairs since she has a medical condition that makes her unable to climb the stairs

in her house. The $10,000 spent on the elevator seat does not increase the value of her house according to a local appraiser. How much of the capital asset is deductible in Janet’s tax return as a medical expense? Is deductible in the current year as an expense before the AGI limitation?
Business
1 answer:
ycow [4]3 years ago
3 0

Answer:

$10,000

Yes

Explanation:

Based on the information given the amount of the capital asset that is deductible in her tax return as a medical expense will be the amount of $10,000 which represent the amount that was spent on the elevator seat which tend to exceeds the increase in value of her house.

YES the deductible in the current year is an expense before the AGI limitation reason been that the amount of 10,000 is been deductible in the current year as an expense before the 10 percent AGI limitation.

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Metropolis Corporation has 4 shareholders: Fritz, Luis, Alfred and Werner. Number of shares that Fritz owns is 2/3 rd of number
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$120,000

Explanation:

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