Alissa and fred are married file jointly with taxable income of 100k. The pay 10

Question

Alissa and fred are married file jointly with taxable income of 100k. The pay 10k per year for daycare for their 4 kids who are all under age 13. What can they claim on their tax return for the daycare?

A they can deduct the 10 k as a medical expense subject to the 10% threshold

B they can deduct the 10k as a miscellaneous itemized deduction subject to the 2% threshold

C they can claim a 10k credit

D they can claim a 6k credit

E they can claim a 1200 credit

Chris and Christie are married file jointly they own a rental property which they manage the rental income was 50k but expenses including depreciation will total 75k in 2015. If their AGI is 130k how much of the rental loss can they deduct

A 5k

B 10k

C 20k

D 25k

E none in 2015 the loss gets suspended

Explanation / Answer

Answer

1) D) They can claim a 6k credit.

According to the IRS The total expenses that you may use to calculate the credit may not be more than $3,000 (for one qualifying individual) or $6,000 (for two or more qualifying individuals).

2) D) 25k

Limited Partner cannot be active

Yes

Issues LIH Credits LIH Rental RE Losses Rehab Credits Other Credits $25,000 offset available? Yes Yes Yes Yes Active participation required No

Limited Partner cannot be active

Yes

No Does not apply Phaseout range Does not apply $100,000 - $150,000 $200,000 - $250,000 Does not apply

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