please answer the questions in the picture Examination Questions- 45 Hour Federa
ID: 2602697 • Letter: P
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please answer the questions in the picture
Examination Questions- 45 Hour Federal Tax Las 211. Which of the following tems, generally, is deducible as a real estare ta A Propety tax paid through an escrow account atached to a mongage loan B. Taxes for local benefts, such as C Remized charges for services D Transfer taxes assessments for streets 212 Generaly the proceeds for all of the tollowing trarsactions muat be reconed on Form 10-5-Pcsedts From Real Estate Transactions except A A burial plot or vaut C. Inherenty permanent structures, including any residertial commercial or industral bulding D. A condominium unit and its appurtenant fidures and common eiements incuding land 213. Ron pays $25 each quarter for a state properny tax based orly on the value of his trcat. Wihat amoure af eis personal property tax is deductible on his Federal tax retun? A $0 B. $25 C. $50 D. $100 2 Pegay Harris soid their home on May 7.Through Apri 30 they made home mongege interest paymets 214. John and of $1 220 The setlement sheet for the sale of the home showed $50 interest for the & cay perod in May up to but not including, the date of sale. What is the amount of their mongage interest deducticn? A. S0 B. $810 C. $1 220 D. $1.270 215. Mia pays $85 for a ticket to a dinner-dance at a church. Her ertire $85 payment goes to the church. The ticket to the dinner-dance has a fair market value of $25. When Mia buys the ticket she knows ts value s less than her payment. What amount can Ma deduct as a charitable contribution to the church? A SO B. $25 C. $40 D. $85 216. Melissa is blind. She is set employed and must use a reader to do her work. She uses the reader both ouring her regular working hours at her place of work and outside her regular working hours away fom her pliace df work The readers services are only for her work. Which of the following is true regarding Melissa's wok-reiated A She cannot deduct her expenses for the reader because the expense is not for atendant care services at her place of work B. She cannot deduct her expenses for the reader because she is sefemployed C. She cannot deduct her expenses for the reader because she uses it away from her piace of D. She can deduct her expenses for the reader as an impairment elated work expense because t is an nterest $4,800 was tax-exempt and $1 200 was tavable. In earning this income, she tem that is for each expense in connection with her place of work that is necessary for her to be able to 217. Jennifer recelved S6,000 i had $500 of expenses. Jennifer cannot specifically identify the amount of each income item. What amount of interest expenses can Jennifer deduct from her tax retun? expense A. S0 B. 5100 C. $400 D. $500 2017 IRSTa EX-33Explanation / Answer
211- Answer is A.
Property tax paid through an escrow accounts attached to mortgage loan. As taxes paid at closing when buying or selling a home, as well as taxes paid to your county or town's tax assessor (either directly or through a mortgage escrow account) on the assessed value of your property.
212- Answer is A
A burial plot or vault is exempt from recording.
As according to IRS
Improved or unimproved land, including air space;
Inherently permanent structure, including any residential, commercial, or industrial building
A condominium unit and its appurtenant fixtures and common elements, including land; and
Stock in a cooperative housing corporation (as defined in section 216)
213- Answer is D
Deductible personal property taxes are only charged only on the value of the personal property. For example, if you pay a yearly fee for the registration of your car, you may pay part of the fee for the tag and part of the fee in ad valorem tax.
Also to be deductible the tax must be charged to you on a yearly basis. Even if it is actually collected more than once a year or less than once a year, or $25 quarterly in this case it must be charged to you annually.
So $25 x 4 quarters in a year= $100
214 Answer is D
The mortgage deduction is $1270($1220+$50)
If you sell your home, you can deduct your home mortgage interest (subject to any limits that apply)paid up to , but not including the date of sale.
215- Answer is C
Mia pay $65 for a ticket to a dinner-dance at a church. All of the proceeds of the function go to the church. The ticket to the dinner-dance has a fair market value of $25.
When Mia buy her ticket she know that its value is less than your payment. To figure the amount of her charitable contribution, she must subtract the value of the benefit she received ($25) from her total payment ($65). She can deduct $40 as a contribution to the church.
216-Answer is D
When a legally blind person finds a job, she often requires tools to enable her to do her job. The IRS allows the cost of these tools to be deducted from tax returns. Allowable expenses must be necessary to be deducted on your taxes. A screen reader that magnifies the text on a computer screen is one example of a tool for which the cost would be deductible.
217- Answer is B
Jennifer must divide her expenses. 80% ($4,800 tax-exempt interest divided by $6,000 total interest) of your expenses is for the tax-exempt income. She cannot deduct $400 (80% of $500) of the expenses. You can deduct $100 (the rest of the expenses) because they are for the taxable interest.
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