Question

Absent of legislative extension to qualified person residence exclusion is available in till which of the...

Absent of legislative extension to qualified person residence exclusion is available in till which of the following dates
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

A December 20, 2019 Congressional action revived and extended an important protection for struggling homeownersthe Qualified Principal Residence Indebtedness (QPRI) exclusion. This exclusion expired at the end of 2017, but now is extended to January 1, 2021 and applies retroactively to 2018 and 2019. This is significant news for any homeowner now receiving a 1099 form from their mortgage lender for the 2019 tax year, anyone considering a mortgage loan modification in 2020, and even anyone who filed a tax return for the 2018 tax year where that return included income from home mortgage loan forgiveness.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
For purposes of exclusion under section 1202, which of these is a qualified trade or business?...
For purposes of exclusion under section 1202, which of these is a qualified trade or business? Bank CPA firm Manufacturing company Motel
Which of the following is a rule related to the exclusion of gain on the sale...
Which of the following is a rule related to the exclusion of gain on the sale of a personal residence? A. In general, to exclude the gain from the sale of a personal residence, the home must be used as a personal residence within the last 3 years. B. The gain exclusion is either $250,000 ($500,000 if married) or nothing. C. If the taxpayer has not used and owned the house for the designated time, then the taxpayer may still...
Which of the following situations will classify a person as an active participant? A person who...
Which of the following situations will classify a person as an active participant? A person who makes nine deductible contributions to a trust? A person his spouse is eligible to participate in a qualified retirement plan but chooses not to? A person who is considered to be an active participant? A self-employed person who maintains a KEOGH plan, but does not make a contribution during the current taxable year?
Which of the following corrective actions is not available after the tax filing date to a...
Which of the following corrective actions is not available after the tax filing date to a person who made excess contributions to his traditional IRA in 2017? (1) Carry forward the excess contributions of contribution to future years and withdraw before filing 2017 tax return including extension. (2) Do not withdraw the net income attributable to excess contributions in 2017 fun traditional IRA. (3) Withdraw the excess contributions in 2017 from the traditional IRA. (4) Withdraw the net income attributable...
Which of the following is true about future qualified distributions from a Roth IRA by a...
Which of the following is true about future qualified distributions from a Roth IRA by a person who will be 65 years old at the time the distributions begin? Assume the individual opened the account before age 60. The entire amount of the distribution will be taxable The entire amount of the distributions will be tax-free. Only the accumulated earnings will be tax-free. Only the previous contributions will be tax-free.
1.Qualified Residence Interest is acquisition indebtedness on a primary or secondary personal residence True False 2.Sydney...
1.Qualified Residence Interest is acquisition indebtedness on a primary or secondary personal residence True False 2.Sydney purchases a piece of real estate in 1990. A redevelopment project is announced nearby that increases the value of the property by $700,000. As a result Sydney must report a $700,000 gain in the year of the announcement. True False 3. Sam has plastic surgery on his nose to improve his breathing and treat his sleep apnea. The plastic surgery is an allowable medical...
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...
Multiple Choice Select the best answer from the available choices for each question. Which of the...
Multiple Choice Select the best answer from the available choices for each question. Which of the following is NOT part of the definition of a sample space S? S can be discrete or continuous Each outcome must be in S at most once Each element in S is equally likely Each outcome must be in S at least once S is a set of possible outcomes in an experiment Three A’s, three B’s, and two C’s are arranged at random...
ATHI AND DARRIN LOVETTE CASE: Kathi and Darrin Lovette Background Kathi and Darrin Lovette, both age...
ATHI AND DARRIN LOVETTE CASE: Kathi and Darrin Lovette Background Kathi and Darrin Lovette, both age 63, have been married for 40 years, are both in good health, and they are citizens and residents of Louisiana. They expect to work until age 66 to 70. Kathi and Darrin live in a community property state. They have the following children and grandchildren: Children Age Grandchildren Elizabeth Age 40 4 children (ages 15, 14, 13 & 12) James Age 35 3 children...
Analyze the market segmentation, which is explained in the market segmentation for business design below. Overview-...
Analyze the market segmentation, which is explained in the market segmentation for business design below. Overview- We are going to start a bakery business as I have my interest in bakery. This is going to be start-up business plan. The name of our Bakery would be “Bake It or Make It”. It would be managed by me along with my team of new bakers around the city. Opening a bakery at initial stage would involve a lot of investment and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT