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Unformatted text preview: 25.) a. The rental income is excluded from AGI b. Only the mortgage interest and property tax are deductible, both for AGI 27.) They should not let her go because real estate taxes and mortgage interest are allocated on the basis of total days of use. 32.) a. yes b. He can deduct $4000 34.) a. 79,000+4000+3000+3500-900+1150= 89750 b. itemize 35.) The 4000 contribution to an IRA would not affect itemized deductions because it is deducted for AGI, not from AGI 43.) 700+250= 950 46.) 53000 48.) a. It is a hobby because only 33% of the activities constitute a business whereas 66% constitute a hobby b. 225000-3500= 221,500 c. 221,500+31,000-9000-7500=236,000 53.) 43,000+400-8400-4758-2200-1098-5350=21,594...
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This note was uploaded on 04/08/2008 for the course ACCT 3221 taught by Professor Armentor during the Spring '08 term at LSU.
- Spring '08