soul is single
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soul is single. He purchased a new main home in March of 2019 for $900,000. soul will be itemizing his deductions. On what portion of the acquisition debt will interest be deductible on soul's tax return for 2021?
$375,000
$500,000
$750,000
$900,000
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- Helen paid the following amounts of interest during the 2020 tax year: Mortgage interest on Dallas residence (loan balance $50,000) $1,600 Automobile loan interest (personal use only) 440 Mortgage interest on Vail residence (loan balance $50,000) 3,100 Student loan interest 775 Calculate the amount of Helen's itemized deduction for interest (after limitations, if any) for 2020.Compute the 2019 standard deduction for the following taxpayers.a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job.b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000.c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125.d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.< Daniel's standard deduction for 2023 is $13,850. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony (divorce finalized in March 2021) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax What is Daniel's gross income and his AGI? Gross income: $ AGI: $ b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are $ he would benefit from 10:34
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- Greg Grove pays $50,000 interest in 2020 on his mortgage on his principal residence. It has an interest rate of 4 percent and balance of $1,250,000 during the year. He took out the mortgage in 2019. How much of this interest is deductible on Greg’s tax return for 2020?RR earned annual compensation income in 2020 amounting to Php1,000,000.00. Aside from employment income, he owns a convenience store, with gross sales of Php3,500,000.00. Is RR allowed to avail himself of the eight percent (8%) income tax? How will RR’s tax liability be determined?In the 2019 tax year, Michelle paid the following amounts relating to her 2017 tax return: Tax deficiency $5,000 Negligence penalty 1,000 Interest 500 Underpayment of estimated tax penalty 350 Which of the above items may be deducted on Michelle’s 2019 individual income tax return?
- In 2019, Cheryl, who is single and not a dependent of another taxpayer, has taxable income of $30,000. Using this abbreviated 2019 tax schedule for single filers below, compute her tax liability. $0 to $9,700 10%, $9700 to $39,475 12% 1. compute Cheryl's tax liability if her income consisted of $26,000 in wages and $4,000 in long term capital gains. 2.What would Cheryl's tax liability be if the $30,000 included $6,000 she withdrew from her IRA to pay off her credit cards? Cheryl is 35.Jose paid $10,000 for qualified tuition during the tax year. What amount of this expense qualifies for hte tuition and fees deduction in 2021?Amanda and George are married filing jointly. For 2022, they have the following: 46,000 Salary Tips 11,000 Cash gift from George's mom 13,000 Alimony from Amanda's x-husband* 8,000 12,000 Income from illegal weapons sales Itemized deductions (25,000) Long-term capital loss (1,000) *Divorce agreement was executed on June 5, 2019. Please calculate their taxable income.
