please answer unanswered questions She reported $1,000 of gambling winnings on F

Question

please answer unanswered questions

She reported $1,000 of gambling winnings on Form 1040. What amourt can Sran uleiel in Way. In Jdy and eptermiser, she kst and 13 losses for the year on Schedule A? A $600 B $700 C $1,000 D $1.300 zaPatio borrowed $1,000 for a bona fide business loan on August 31, 2016, payable in 90 days at 12% merest On November 30, 2016, he paid this with a new note for $1,030, due on March 1, 2017. he wese of accounting, what amount of interest can he deduct on his 2018 income tax return? A $O B $10 C $20 D. $25 234. A tarpayer can deduct a casualty or tet loss as a mecelaeous ien zed deduion not subject to te 2% int t the damaged or stolen property was incorne producing properny held for inwestment including all d fhe fallowing A. Stocks B. Notes C. Bonds D. 236. A car door is accidentally slammed on Murier's hand, brealing the seting of her diamond ring The diamond felles from the ring and is never found. Which of the following is true regarding the loss of the diamon? A She can deduct the loss based on the mere disappearance of money or property B. The loss of the diamond is a casuaity because t resud m an identifatle event that was sudden. unexpected, or unusual C. The loss of the diamond is not a casuaity becaue t resued from an identifiable event hat was sudiden, Di Deductitle casuaity losses cannot result from an unusual event that is not a day-lo-day ccourrence nedhucibie ordinary and necessary expenses that a tarpayer incurs gcing from one work place to anoter ntte ssetheir empioyment, when not traveling away from home include which of the following? A Taxi between home office and work place B. Cost of commuting to work Parking fees at work D) All of the above

Explanation / Answer

234-

Income generating properties are Stock, Notes, Bonds

Wrist watches cannot generate more income or variable income on proceeds.

Answer is D

235-

The simple disappearance of money or property is not a theft. However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual

Answer is b

236-

If you work in two places in one day, whether or not for the same employer, you can deduct the cost of going between them.

Answer is D

225-

After you have figured your casualty or theft loss on personal-use property, you must reduce that loss by $100. This reduction applies to each total casualty or theft loss also only a single $100 reduction applies.

Answer is A

226- Answer is $100 B

Same rule of personal property loss.

After you have figured your casualty or theft loss on personal-use property, you must reduce that loss by $100. This reduction applies to each total casualty or theft loss also only a single $100 reduction applies.

227-

Answer is B

Here also same rule applies for personal property loss and allowed deduction was o $100

After you have figured your casualty or theft loss on personal-use property, you must reduce that loss by $100. This reduction applies to each total casualty or theft loss also only a single $100 reduction applies.

228- Answer is C

There are certain miscellaneous expenses which are excluded from this 2% floor (meaning the total value of the expense is generally deductible). Principally among these are casualty and theft losses from income producing property, gambling losses and estate tax related to income.

229- Answer is D

Yes you can deduct as it is not personal in nature and generate income and all of other licenses are personal in nature and are not income generating .

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