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sveticcg [70]
3 years ago
14

Bruno and Diana are trying to calculate their gross income. Which of the following items should they exclude from their gross in

come? 1. $15,000 gift from Diana’s mother for the down payment of their new house. 2. $20,000 borrowed by Bruno and Diana from First City Bank. 3. $12,000 increase in value of Delta stock, which they own in their brokerage account. 4. $53,000 worth of home repair work that was exchanged for tax work by Bruno.
Business
1 answer:
arsen [322]3 years ago
4 0

Answer: $15,000 gift from Diana’s mother for the down payment of their new house

Explanation: under the US code 102- Gifts and other inheritances. Gross income does not include the value of property acquired by gift. Money given as gifts to purchase a property are not taxable.

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A buyer agrees to purchase real property by making monthly payments to the seller and then receiving a deed at a later point in time. such an agreement is known as a/an purchase-money mortgage.

What is purchase-money mortgage?

A purchase-money mortgage is a mortgage that the seller of home issues to the borrower as part of the sale of the property. This is typically done in circumstances where the buyer is unable to qualify for a mortgage through conventional banking channels. It is also known as seller financing or owner financing. In circumstances when the buyer is taking over, the seller's mortgage, and seller financing makes up the difference between the mortgage's outstanding balance and the property's sales price, a purchase-money mortgage may be employed.

What is one of the disadvantages of the purchase money mortgage?

One drawback is that you are still, and will continue to be, the home's legal owner. In the event that those buyers turn out to be dishonest, you can be left with damaged properties. Another drawback is that it could be challenging to evict or foreclose on a buyer who defaults on a loan.

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Dana is assigned to create a training program for newly hired mortgage loan officers. She has the ____ to complete this assignme
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A mortgage loan is a secured loan that enables you to access money by giving the lender collateral in the form of an immovable asset, like a home or commercial property.

The main difference between the loan and mortgage loan is-

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