Robert and Mary file a joint tax return for 2021 with adjusted gross income of $104,000. Robert and Mary earned income of $30,000 and $74,000 respectively, during 2021. In order for Mary to be gainfully employed, they pay the following child care expenses for their 4-year-old son, John: Union Day Care Center for John $6,700 Wilma (Robert's mother) for babysitting John $4,000 What is the amount of the child and dependent care credit they should report on their tax return for 2021 (assume no tax liability limitation)? Oa. $2,140 Ob. $3,000 Oc. $5,350 Od. $10,700 e. None of these choices are correct.

Robert and Mary file a joint tax return for 2021 with adjusted gross income of $104,000. Robert and Mary earned income of $30,000 and $74,000 respectively, during 2021. In order for Mary to be gainfully employed, they pay the following child care expenses for their 4-year-old son, John: Union Day Care Center for John $6,700 Wilma (Robert's mother) for babysitting John $4,000 What is the amount of the child and dependent care credit they should report on their tax return for 2021 (assume no tax liability limitation)? Oa. $2,140 Ob. $3,000 Oc. $5,350 Od. $10,700 e. None of these choices are correct.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter17: Property Transactions: § 1231 And Recapture Provisions

Section: Chapter Questions

Problem 26CE

See similar textbooks

Similar questions

Jenny constructed a building for use as a residential rental property. The cost of the building was $164,976, and it was placed in service on August 1, 1999. The building has a 27.5-year MACRS life. What is the amount of depreciation on the building for 2021 for tax purposes? Oa. $2,250 Ob. $3,000 Oc. $6,547 Od. $6,000 Oe. None of these choices are correct.
Jenny constructed a building for use as a residential rental property. The cost of the building was $164,976, and it was placed in service on August 1, 1998. The building has a 27.5-year MACRS life. What is the amount of depreciation on the building for 2020 for tax purposes? a.$6,547 b.$6,000 c.$3,000 d.$2,250 e.None of these choices are correct.
V1. The home was acquired for $83,000 in 2005. On May 12, 2021, the Arcs installed new fixtures (7-year recovery period) at a cost of $3,400. They wish to maximize the cost recovery on the new fixtures but make no elections. how do I calculate Special depreciation allowance for qualified property
ne The home was acquired for $83,000 in 2005. On May 12, 2021, the Arcs installed new fixtures (7-year recovery period) at a cost of $3,400. They wish to maximize the cost recovery on the new fixtures but make no elections. how do I calculate Special depreciation allowance for qualified property
An apartment building was acquired in 2012. The depreciation taken on the building was $236,510, and the building was sold for a $70,953 gain. What is the maximum amount of 25% gain?$fill in the blank 1
Lopez acquired and placed in service a building on June 1, 2018, for $41,564,200. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. a. Calculate Lopez's cost recovery deduction for 2023 if the building is classified as residential rental real estate. $ b. Calculate Lopez's cost recovery deduction for 2023 if the building is classified as nonresidential real estate.
The home was acquired for $83,000 in 2005. On May 12, 2021, the Arcs installed new fixtures (7-year recovery period) at a cost of $3,400. They wish to maximize the cost recovery on the new fixtures but make no elections. how do I calculate Special depreciation allowance for qualified property Rental income Insurance Interest expense Property taxes Miscellaneous expenses $16,100 800 5,750 1,200 500
Which of the following is NOT true about the MACRS depreciation system? A. Residential rental buildings are depreciated over 27.5 years straight-line. B. MACRS uses a half-year convention method C. Commercial real estate buildings are depreciated over 39 years straight-line. D. MACRS depreciation is no longer used for tax returns.
On May 1st, 2015, Nancy Silva paid $870,000 for a commercial building. She later sold the building on August 27th, 2021, for $1,850,000. Find the depreciation amount in 2015 using the appropriate MACRS GDS method.
Lopez acquired a building on June 1, 2015, for $26,433,500. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. a. Calculate Lopez's cost recovery deduction for 2020 if the building is classified as residential rental real estate.$fill in the blank 1 b. Calculate Lopez's cost recovery deduction for 2020 if the building is classified as nonresidential real estate.$fill in the blank 2
Please put all of the necessary information and computations for better understanding. Thanks ?
56. On January 1, 2018, Schmidt Industries purchased a new paint sprayer for $400,000. The salvage value after 5 years is estimated to be $100,000. The sprayer is depreciated by straight line depreciation for 5 years. On December 31, 2020, the sprayer is sold for $200,000. Which of the following is correct regarding the disposal of the sprayer? It results in a taxable gain of $100,000. It results in a taxable gain of $20,000. It results in a tax loss of $20,000. It results in a tax loss of $100,000.