Reference no: EM133174789
Questions -
Q1. Mary Smith refinanced her home in January of 2021 for $280,000 on a 20-year mortgage. The home had been purchased 3 years earlier for $310,000. She paid $13,200 in mortgage interest plus $1,600 in points to refinance. How much can she deduct as interest expense for 2021?
Q2. Randy is advised by his physician to install an elevator in his residence since he has a weak heart. The cost of installing the elevator is $9,000, and it has an estimated useful life of 10 years. The elevator is installed in January of 2021. The elevator increases the value of the residence by $5,000. Disregarding the limitation based on adjusted gross income, how much of the cost of the elevator is included in medical expenses for the year?
Q3. A 42-year-old single taxpayer earning a salary of $150,000 a year can make which of the following IRA contributions if he is not covered by a plan at work?
Q4. Vernon is a cash basis taxpayer with a calendar tax year. On October 1, 2021, Vernon entered into a lease to rent a building for use in his business at $3,000 a month. On that day Vernon paid 18 months' rent on the building, a total of $54,000 ($3,000 x 18 months). How much may Vernon deduct for rent expense on his 2021 tax return?
Q5. Mary sells to her father, Robert, her shares in AA Corp for $55,000. The shares cost Mary $80,000. How much loss may Mary claim from the sale?
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