1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zubka84 [21]
2 years ago
12

The decision of whether to rent or buy housing is a personal decision that is based on both your lifestyle and your finances. Wh

ile most financial experts argue that the financial aspect of the decision is important, it is also important not to base your rent-or-buy decision solely on the numbers. Your personal needs and housing market conditions are important.
However, it is still necessary to perform the financial analysis. Before you conduct a rent-or-buy analysis, it is critical that you understand how the U.S. tax code creates tax shelters for homeowners.

The tax deductibility of the interest ____________ on a mortgage and the__________ incurred on your home create a tax shelter for the___________ , which ____________your taxable__________ and tax liability.

The standard deduction for mortgage interest under the 2014 U.S. tax code is:

a. $5,900 for single individuals and $11,800 for married couples filing jointly
b. $12,600 for single individuals and $6,300 for married couples filing jointly
c. $6,300 for single individuals and $12,600 for married couples filing jointly
Business
1 answer:
nordsb [41]2 years ago
3 0

Answer:

Rent or Buy Housing and the U.S. Tax Code

The tax deductibility of the interest ___paid___ on a mortgage and the___costs__ incurred on your home create a tax shelter for the___taxpayer___ , which ___reduces___your taxable__income__ and tax liability.

The standard deduction for mortgage interest under the 2014 U.S. tax code is:

c. $6,300 for single individuals and $12,600 for married couples filing jointly

Explanation:

Currently, the IRS allows taxpayers to deduct home mortgage interest on the first $750,000 ($375,000 if they are married but filing separately) of their indebtedness.  However, higher limitations ($1 million) or ($500,000, if married but filing separately) apply if the taxpayers are deducting mortgage interests from their indebtedness incurred before December, 2017.

You might be interested in
Which of the following statements regarding direct finance is true​? A. In the United​ States, more funds flow through the direc
NemiM [27]

Answer: Option D

Explanation: In simple words, direct finance refers to the situation when the borrowers borrows money directly from lenders, and do not consider taking help from any intermediary. In other words, when the issuers in the financial market sell their securities directly to the general investors then such financing is termed as direct financing.

This financing is cheaper and benefits both he lender and the borrower. Hence we can conclude that the correct option is D.

   

8 0
3 years ago
A payment is said to be ________________ if it is automatically adjusted for inflation. cross referenced indexed matched maintai
defon
<span>The payment is said to be indexed. Indexing a payment means that the income payments are adjusted by a price index. This is to maintain the purchasing power of the public when inflation hits. This is a type of monetary correction.</span>
5 0
3 years ago
At August 31, 2022, Carla Vista Company has this bank information: cash balance per bank $10,690; outstanding checks $840; depos
Igoryamba

Answer:

$11,650

Explanation:

The adjusted cash balance per bank at August 31 2022 is calculated as;

= Cash balance per bank - Outstanding checks + Deposits in transits

Given that;

Cash balance per bank = $10,690

Outstanding checks = $840

Deposits in transits = $1,800

= $10,690 - $840 + $1,800

= $11,650

Therefore the adjusted cash balance per bank is $11,650. It means that the cash balance per bank statement has to be adjusted to accommodate outstanding checks and deposits in transit. For outstanding checks , they are checks that have not yet been found on the bank statement , while deposits in transit are those deposits, that have not yet been found or appear on the bank statement.

8 0
2 years ago
At what value should the land be recorded in clementine repair service records?
adell [148]

Answer: $369,500

Explanation:

The Cost concept of accounting calls for the recording of Assets at their cost.

Clementine Repair services offered to buy the land at $350,500 when it was priced at $388,500.

The seller countered with $369,500 and Clementine accepted this.

This means that Clementine bought the land for $369,500 which makes it the cost price.

They should therefore record it at $369,500.

6 0
2 years ago
Recent U.S. Supreme Court decisions solidified the idea that the ADEA is designed specifically to protect older workers from dis
Lyrx [107]

Answer:

True

Explanation:

There are several Supreme Court Rulings regarding the ADEA during the past two decades, most of them concerning technical issues, but  the most straightforward ruling regarding the question is:

General Dynamics Land Systems, Inc. v. Cline, 540 U.S. 581 (2004)

The Supreme Court ruled that the purpose of the ADEA is to prevent discrimination against older workers in benefit of younger workers, but it does not prevent discrimination against younger workers in benefit of older workers.

7 0
2 years ago
Other questions:
  • If you are aware of a scam, you should call the Federal Trade Commission. True or False
    5·2 answers
  • Chantel works at Coca-Cola. To make the required sales number, Chantel sent more Coca-Cola products to their distributors than w
    14·1 answer
  • Social enterprises are businesses that directly address which of the following?
    14·1 answer
  • Drag the tiles to the correct boxes to complete the pairs.Match the specifications to the criteria that the bank looks into befo
    7·1 answer
  • Works without copyright protection are considered to be in the ________. select one:
    9·1 answer
  • Which of the following people is likely to benefit from inflation? A. A person with low income B. A person who has a large savin
    7·1 answer
  • How can you have a positive Net Worth (Assets - Liabilities) but still struggle with making payments and having access to money?
    14·1 answer
  • The following information applies to the questions displayed below.]
    13·1 answer
  • Sorry about the previous qn I meant clauses of a memorandum of association​
    11·1 answer
  • Which advertising option reaches more than 96 percent of all households, both in their homes and outside of homes in places such
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!