Question

Question 3 The basis of property must be reduced by the amount of any casualty loss...

Question 3
The basis of property must be reduced by the amount of any casualty loss deducted.
Question 3 options:
   1) True
   2) False


Question 4
All interest payments in the following category are never deductible for tax purposes:

Question 4 options:

1) Qualified residence interest expense


2) Personal credit card interest expense


3) Investment interest expense


4) Trade or business interest expense

Homework Answers

Answer #1

Answer 3

Your required answer is option 1 i.e. True

If there is any casualty arise then that casualty loss must be deducted from the property however if there is any insurance for that property than that recoverable amount of insurance claim must be reduced from property firstly.

Answer 4

Your required answer is option 2 i.e. personal credit card expense

You are allowed for tax deduction for qualified resident interest expense, Investment interest expense and Trade or business interest expense but unfortunately you can take deduction of your personal credit card expense as "Personal Expense" are allowed to take deduction.

I hope this clear your doubt.

Feel free to comment if you still have any query or need something else. I'll help asap.

Do give a thumbs up if you find this helpful.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
true / false: 1 - Losses not deductible due to the stock basis loss limitation rule...
true / false: 1 - Losses not deductible due to the stock basis loss limitation rule are carried over to future years. 2- The definition of property as it relates to an IRC §351 exchange includes money. 3- Gain and loss realized in an IRC §351 exchange will be recognized if the taxpayer receives boot in the exchange. 4 -Activities conducted by business entities are treated as either a trade or business or a hobby
Which of the following is TRUE regarding the charitable contribution itemized deduction (ignore any AGI maximums)?...
Which of the following is TRUE regarding the charitable contribution itemized deduction (ignore any AGI maximums)? Frank is allowed to deduct the $100 he gave to a needy person begging outside the grocery store. Joe donated land he has owed for several years to a qualified charity (registered with the IRS).  Joe is allowed to take a charitable contribution deduction in the amount of the current value of the land, even though his cost is less than its current value. Armondo...
Question 1 Fines and penalties paid to the government for the violation of a law are:...
Question 1 Fines and penalties paid to the government for the violation of a law are: Question 1 options: 1) Generally deductible for tax purposes as business expenses 2) Not deductible for tax purposes 3) Deductible if ordinary and necessary 4) Deductible if reasonable in amount Question 2 The tax laws generally allow taxpayers to deduct expenses incurred while violating public policy, provided that the expenditure is ordinary and necessary for the taxpayer's trade or business. Question 2 options:   ...
A set-aside of funds into a replacement reserve is a tax-deductible expense. Question 23 options: 1)...
A set-aside of funds into a replacement reserve is a tax-deductible expense. Question 23 options: 1) True 2) False The current maximum capital gains exclusion for married filing a joint return from the sale of property held as personal residence is $500,000.T/F A borrower incurring non-recourse debt is effectively acquiring a put option from the lender. The smaller the amount of debt allowed by the lender, the lower the value of the put option. Question 14 options: 1) True 2)...
Karen Kurtz purchased a home for $380,000 during 2009, borrowing $300,000 of the purchase price, which...
Karen Kurtz purchased a home for $380,000 during 2009, borrowing $300,000 of the purchase price, which was secured by a 20-year mortgage. In 2018, when the home was worth $425,000 and the balance of the first mortgage was $240,000, Karen obtained a second mortgage on the home in the amount of $130,000, using the proceeds to purchase a car and to pay off personal loans. For 2018, what amount of karen's $370,000 of mortgage debt will qualify for "qualified residence...
1. John incurred $10,000 of business bad debts for his business which operates as a sole...
1. John incurred $10,000 of business bad debts for his business which operates as a sole proprietorship. How are these treated on John’s 2018 tax return: Deducted as a long term capital loss Deducted as a short term capital loss Deducted as a trade or business expense on John’s Schedule C Not deducted on John’s 2018 tax return. 2. Martha loaned her friend, Joan, $30,000 three years ago. Joan used the money to start a business on Etsy. After three...
True or False 3.    An individual's current year capital loss from investment property not offset against...
True or False 3.    An individual's current year capital loss from investment property not offset against capital gains and ordinary income is carried forward indefinitely. 4.    Individuals may deduct capital losses only to the extent of their capital gains. 6.    Real property such as a commercial building depreciated using MACRS is not subject to depreciation recapture. 7.    Land held for six months is sold for a gain. The land is used in the taxpayer's business. The gain is treated...
Partnerships                                   Determine whether the following statements are True...
Partnerships                                   Determine whether the following statements are True or False:                           TRUE       FALSE                                    1. Guaranteed payments to partners do not reduce the ordinary income of the partnership.    2. Non recourse borrowing of a partnership increases threat risk basis of each partner in interest in the partnership.    3. Tax exempt interest income decreases the basis of...
TRUE OR FALSE 1. In 2018, unreimbursed employment related expenses are classified as deductions for AGI....
TRUE OR FALSE 1. In 2018, unreimbursed employment related expenses are classified as deductions for AGI. 2. Section 212 expenses that are related to rent and royalty income are deductions for AGI. 3. Alice incurs qualified moving expenses of $12,000 in 2018. If she is not reimbursed by her employer, the deduction is classified as a deduction for AGI. 4. The Code does not specifically define what constitutes a trade or business. 5. An expense need not be recurring in...
Question 1 (1 point) On average, compared to people who have a high school diploma, people...
Question 1 (1 point) On average, compared to people who have a high school diploma, people who acquire post secondary education: Question 1 options: Earn 29% more annually Earn 29% less annually Earn the same amount of money as those with a high school diploma Do not need to learn about personal finance Question 2 (1 point) Operating at a sales level at which you have neither profit nor loss is called: Question 2 options: Net profit. Liabilities. Breakeven. Equity....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT