After renting an apartment for five years todd and diane

Assignment Help Accounting Basics

Reference no: EM13582831

After renting an apartment for five years, Todd and Diane purchased a new home on July 1, 2008. On their 2008 joint tax return, they claimed a $4,500 first time home buyer credit. Answer the following questions relating to the credit.

A. Assuming they still live in the home, what amount of credit must Todd and Diane repay with their 2011 tax return?Credit repaid $

B. Assuming they sell the home in August 2011 for a $32,250 gain, what amount of credit must they pay back with their 2011 tax return? Credit repaid $

C. Assuming they sell the home in August 2011 for a $3,900 gain, what amount of credit must they pay back with their 2011 tax return?Credit repaid $.

Reference no: EM13582831

Questions Cloud

Buyu manufacturing has beencontracted to provide sael : buyu manufacturing has beencontracted to provide sael electronics with printed circuit and motherboards pc boards

Some managers prefer to use cost rather than market price : some managers prefer to use cost rather than market price in controlling transfers between divisions. if cost is to be

Find the area under the standard normal curve between z 0 : find the area under the standard normal curve between z 0 and z 2.34. round the answer to 4 decimal

If sales for the current year were 695000 and accounts : the cash flows from operating activities are reported by the direct method on the statement of cash flows. determine

After renting an apartment for five years todd and diane : after renting an apartment for five years todd and diane purchased a new home on july 1 2008. on their 2008 joint tax

Find a linear function gp that gives the number of gallons : the owner of a grocery store finds that she sell 980 gallons of milk each week at 2.69 per gallon and 1220 gallons of

Modern building supply sells various building materials to : modern building supply sells various building materials to retail outlets. the company has just approached linden state

Using the data analysis tool in excel calculate the : the australian bureau of statistics recently released figures on petrol usage. following are the 15 leading cities in

Schneider company uses installment sales method below is a : schneider company uses installment sales method. below is a summary of its sales cost of goods sold and gross profit

User Account

All Pages