oa. In their policy, the word "you" includes Mike Hall, Rhonda Hall, and Porcine Bank. ob. In their policy, the word "you" refers only to Mike Hall. OC Mike and Rhonda Hall are both named insureds. od. Mike Hall is the only named insured.
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- Exactly who can be a “qualifying relative” and who can’t…??? Say, for example, that you are unmarried but have a “friend” who lives with you full-time / all year. It’s just the two of you (and maybe a quadruped or two). The apartment (or house) is in your name only and you pay all of the rent (or mort-gage) and for absolutely everything else because your friend is a “writer” who does nothing by way of work other than on a supposed novel – which of course brings in absolutely zero income because it never seems to get finished, much less published… Since you’re the sole breadwinner and it’s your apartment (or house), can you file as “Head of household” instead of as “Single”? Explain in 2-3 sentences.A taxpayer gets into rocky straits with their spouse and begins the process of filing for divorce, choosing to file separately for TY2021. Part of this process involved a discharge of the couple's mortgage debt. The total amount of debt discharged is $750,000. Assume both spouses are equal owners in the property. How much income is included on each of the taxpayers' returns? Select one: a. $750, 000 b. $375,000 c. $0 d. $750,000 for one taxpayer, $0 for the one who chooses not to take the income.Mr. and Mrs. George enter into a written, signed agreement to buy a house owned by Samantha Jones. In the contract, it says that the sale will go forward if the Georges obtain financing for the mortgage. What kind of condition is this? Explain.Now, assume that the Georges successfully obtained the financing; but, and Samantha Jones is now refusing to sell them the house. Do the Georges have any recourse? Explain in detail.
- Kareem owns 100% of an apartment building in California but hasn't been there since he signed the purchase agreement. His son Shaquille lives nearby and manages the property day to day taking care of all of the tenant's needs. Larry works in the management office and collects all of the rent checks and takes them to the bank. Which of the following statements is TRUE? a.Group of answer choices Shaquille recognizes the rental income if Larry deposits the money in Shaquille's bank account. b.Kareem recognizes the rental income because he owns the building. c. Shaquille recognizes the rental income because he manages the apartment building and is responsible to the tenants. d.Larry recognizes the rental income because he has constructive receiptMf3. Randolph is single. He took out a $550,000 mortgage to purchase a main home in February 2020. The loan is secured by the home. In April 2021, Randolph decided to buy an RV to use as a vacation home. The mortgage loan was $200,000 and is secured by the RV. Which of the following is correct? a) The mortgage interest for the RV is not deductible because the main home was not used to secure the loan. b) The mortgage interest is limited to $375,000. c) The RV purchase does not meet the definition of a home; therefore, the deductible mortgage interest is limited to $550,000. d) The total of both mortgages does not exceed $750,000; therefore, all of the interest paid on both mortgages is deductible.Ghislaine has bought a house. She borrowed most of the price of the house from Monster Bank, which holds a fixed charge over the house as its securityWhich of the following descriptions of the legal relationship between Ghislaine and Monster Bank is accurate? A. Ghislaine is the bank's receivable (debtor) and Monster Bank is Ghislaine's mortgageeB. Ghislaine is the bank's payable (creditor) and Monster Bank is Ghislaine's mortgagorC. Ghislaine is the bank's bailor and Monster Bank is Ghislaine's mortgageeD. Ghislaine is the bank's receivable (debtor) and Monster Bank is Ghislaine's ballee
- Hw.27. Zoya has a first mortgage and a smaller home equity loan. Zoya took out the home equity loan on January 3, 2021. It was not used to build, buy, or improve her home. The equity loan proceeds were used to purchase a new car and pay off credit cards. During the year, she paid $6,350 in interest on her first mortgage and $1,490 in interest on the home equity loan. What amount of mortgage interest can Zoya deduct on her Schedule A (Form 1040), Itemized Deductions? $1,490 $4,860 $6,350 $7,840Bernice is a sole proprietor who provides dog walking services to a number of neighborhood dog owners. Ralph hired Bernice to walk his husky while he was out of town on December 16, 2019. Bernice walks Ralph’s husky on December 16, 2019 and bills Ralph on the same day. Bernice received payment from Ralph in the form of a check on January 2, 2020. Which of the following is TRUE? Group of answer choices a)If Bernice is a cash basis taxpayer, she must claim the income on her 2019 tax return. b)If Bernice is a cash basis taxpayer, she must claim the income when it was earned. c)If Bernice is an accrual basis taxpayer, she must claim the income on her 2019 tax return. d) Bernice is an accrual basis taxpayer and must claim the income when she received it (on her 2020 tax return).Required information [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8. a. His AGI is $107,600. Amount of child tax credit b. His AGI is $426,900. Amount of child tax credit c. His AGI is $429,800, and his daughters are ages 10 and 12. Amount of child tax credit EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately 200,000 Head of household and single 200,000
- Required information [The following information applies to the questions displayed below.] Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest $ 1,410 590 6,100 1,490 630 Property taxes Repairs & maintenance Utilities 520 10,000 Depreciation During the year, Natalie rented out the condo for 95 days, receiving $18,000 of gross income. She personally used the condo for 42 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.) a. What is the total amount of itemized deductions Natalie may deduct in the current year…LO.5Miller owns a personal residence with a fair market value of $195,000 and an outstanding first mortgage of $157,500, which was used entirely to acquire the residence. This year, Miller gets a home equity loan of $10,000 to purchase a new fishing boat. How much of this mortgage debt is treated as qualified residence indebtedness?Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child supportthe alimony payments were to terminate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred 90,000 to her in settlement of the personal injuries she sustained. The Deans had the following expenditures for 2018: The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded from coverage under her employers pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution. The Deans household includes the following, for whom they provide more than half of the support: Penny graduated from high school on May 9, 2018, and is undecided about college. During 2018, she earned 8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wandas widower father who died on December 20, 2017. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is 4,200 (Lance) and 2,100 (Wanda). The proper amount of Social Security and Medicare tax was withheld. Determine the Federal income tax for 2018 for the Deans on a joint return by completing the appropriate forms. They do not want to contribute to the Presidential Election Campaign Fund. All members of the family had health care coverage for all of 2018. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax Online.
