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Q: Is anyone available to take the earned income credit regardless of age?

A: Earned income tax credit helps the individuals from lower income group to get tax refund or rebate.

Q: Trading in a family auto  for a new family auto qualifies as a like kind exchange. True or False

A: As per Internal revenue code Section 1031 no profit or loss should be recognized in case of like…

Q: Evaluate the benefits and costs of homeownership

A: Home ownership is also known as owner-occupancy. It means to possess another persons house, flat…

Q: What is Marc and Mikkel's gross income? What is Marc and Mikkel's adjusted gross income?

A: Gross income encompasses an individual's total earnings before any deductions, comprising wages,…

Q: es a SIMPLE IRA have a matching contribution from the employer to the employee?  Yes or No.

A: Simple IRA refers to the savings incentive match plan for the employees of the company which is a…

Q: Define Prepaid rent.

A: Prepaid Expense:   It refers to the expenditure incurred by company that is paid in one accounting…

Q: Explain the differences between owning property as a tenant in common a joint tenant a tenant by the…

A: A co-ownership is where one person or group owns a piece of property with another person or group.…

Q: How would you advise the partners in developing a method for dividing income?

A: Partnership:   Partnership is firm where two or more persons come together to business to share the…

Q: What are some examples of income shortages when one retires?

A: Retirement planning means the process of planning the financial benefits during the work life and…

Q: Differentiate between a property tax and transfer tax

A: A property tax is a federal tax levied by the government where such property is situated. A property…

Q: Residential rental property is rental property where at least what percentage of the income comes…

A: Residential rental property:  Residential rental property refers to homes that are purchased by an…

Q: All of the following are factors that determine whether an individual is a qualifying child EXCEPT:…

A: In order to assess if the individual is a qualifying child, the following five tests are used:…

Q: Under what circumstances would you consider buying or renting a house?

A: Although both renting and buying have financial benefits, homeownership is not for everyone. Unlike…

Q: What is the role of trusts in estate planning?

A: The process of managing the assets of an individual or an organization until the death of the…

Q: Why is share in a considered a is perpetuit

A: In finance a perpetuity refers to that financial asset or that financial security that goes on…

Q: Define Property dividend.

A: Definition:   Dividends: The dividend is the income of the shareholders for their shareholdings in…

Q: Explain the effect of guaranteed payments

A: Guaranteed payments to partners are payments meant to compensate a partner for services rendered or…

Q: Name the three general methods of title assurance and briefly describe each. Which would you…

A: The proof in writing about property ownership or related to making investments in the real estate is…

Q: How do you cost determine a house?

A: It is assumed that the question is seeking how do we determine the cost of a residential house and…

Q: A net income will _______ the owner's capital account.

A: IncreaseExplanation:When a business generates a net income, it means that its total revenues exceed…

Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.