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Law Incorporation [45]
3 years ago
13

Kyle actively participates in the rental of a home he owns. Kyle's AGI for the year is $75,000. He has a loss from his rental pr

operty of $20,000. How much of the loss can Kyle deduct on his income tax return this year
Business
1 answer:
Aloiza [94]3 years ago
8 0

Answer:

Kyle can deduct $20,000 loss from his income tax return this year.

Explanation:

a) Data:

Kyle's AGI = $75,000

Rental property loss = $20,000

Maximum AGI for maximum loss deduction of $25,000 = $100,000

This is because Kyle's adjusted gross income (AGI) is less than $100,000.  The maximum loss deductible for rental income is $25,000.

b) The federal tax law allows for a rental income loss deduction to taxpayers who own and rent property in the U.S.   The law stipulates that up to $25,000 may be deducted as a real estate loss per year as long as the individual's adjusted gross income is $100,000 or less.

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Taggart Inc. is considering a project that has the following cash flow data. What is the projects payback? Year 0 1 2 3 Cash flo
nikdorinn [45]

Answer:

The period of payback of the project is 2.30 years. Therefore, the correct answer is C

Explanation:

We will computing the Cumulative Cash Flow from Year 0 to Year 3

Cumulative Cash Flow Year 0 = Cash Flow of Year 0

= -$1,150

Cumulative Cash Flow of Year 1 = Cash Flow of Year 1 + Cash Flow of Year 0

= $500 + (-$1,150)

= -$650

Cumulative Cash Flow of Year 2 =  Cash Flow of Year 2 + Cumulative Cash Flow Cash Flow of Year 1

= $500 + (-$650)

= -$150

Cumulative Cash Flow of Year 3 =  Cash Flow of Year 3 + Cumulative Cash Flow Cash Flow of Year 2

= $500 + (-$150)

= $350

Now, Computing the Pay back period with the formula:

Pay back period = 2 + (Cumulative Cash Flow of year 2 / Cash flow of year 3)

= 2 + (-$150/ $500)

= 2 +  0.3

= 2.3 years

5 0
3 years ago
Who is your fav group or solo singer
omeli [17]

boy pablo

Explanation:

i like his sound :)

4 0
3 years ago
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Ivenika [448]
So last week, my cousin turned 17 on Thursday, June 25th. I know ironic the same day Michael Jackson died. So I go to her house for a little get together with some of her friends. Now I am pretty antisocial and spent the party alone most of the time eating food. Anyways, I also started my Harvard summer classes last week for biology, it’s a lot of work but worth it in the end.
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The republican party has used both the _____ and the eagle to identify itself.
ASHA 777 [7]
<span>The Republican Party currently uses the Elephant as a symbol to represent itself. This started in the 1870s when the political cartoonist Thomas Nast used it opposite a Donkey for the Democratic Party.</span>
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3 years ago
Efram’s audience was persuaded by his speech because they perceived him to be sincere, trustworthy, and to have their best inter
harina [27]

Answer:

Character.

Explanation:

Credible character is used for someone who is trustworthy, kind and believable, it has to be backed by evidence or experience. It carry the power to influence belief or thought. Crediblity of a character may slip if it is not maintained forever. As crediblity is earned through consistent honesty, selflessness,virtue and good behavior.

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