Which of the following statements is not true regarding the Mortgage Insurance Premiums Deduction? a) homebuyers...

Which of the following statements is not true regarding the Mortgage Insurance Premiums Deduction?

a) homebuyers who are unable to make at least a 20% down payment on the purchase price of their home are required to have private mortgage insurance (PMI).

b) the mortgage insurance tax deduction act of 2017 was passed by congress on January 3, 2017.

c) the mortgage insurance tax deduction expired December 31, 2016.

d) the pmi deduction applied to policies issued by the federal housing administration (FHA)

Solutions

Expert Solution

the mortgage insurance tax deduction act of 2017 was passed by congress on January 3, 2017.

Option B is Correct

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Which of the following statements regarding the home mortgage interest expense deduction is correct? A. The...

Which of the following statements regarding the home mortgage interest expense deduction is correct? A. The limit on acquisition indebtedness depends on filing staus. B. Taxpayers who do not itemize deductions can still deduct home mortage interest as a from AGI deduction. C. The limit on acquisition indebtedness applies only in the year of aquisition. D. The limit on acquisition indebtedness applies to one (not multiple) loans.

WHICH OF THE FOLLOWING IS TRUE REGARDING HEALTH AND ACCIDENT INSURANCE PREMIUMS HEALTH PREMIUM FOR THE...

WHICH OF THE FOLLOWING IS TRUE REGARDING HEALTH AND ACCIDENT INSURANCE PREMIUMS HEALTH PREMIUM FOR THE 2% SHAREHOLDERS CANNOT BE TREATED AS WAGES. INCLUDED ON THE 2% SHAREHOLDERS FORM W2 AND NOT SUBJECT TO FICA OR MEDICARE WITHHOLDING THEY MUST BE DEDUCTED ON THE S CORPORATIONS FORM 1120S MUST BE INCLUDED ON 2% SHAREHOLDER FORM W2 ONLY IF THE S CORPORATIO DOES NOT HAVE A PLAN FOR OTHER EMPLOYEES.

a. Which of the following statements is true regarding disability income insurance? why?

a. Which of the following statements is true regarding disability income insurance? why?A.Increasing the elimination period reduces the premium for disability income insuranceB.Disability income insurance usually replaces 100 percent of lost incomeC.A uniform definition of disability appears in all disability income policiesD.The purchase of disability income insurance is not necessary if you are covered under workers compensationb. Under many cafeteria plans, employees make premium contributions with pre-tax dollars and a salary reduction that are used to purchase group health insurance...

Which of the following statements is correct regarding the required substantiation for the deduction of charitable...

Which of the following statements is correct regarding the required substantiation for the deduction of charitable contributions? A cash contribution of less than $250 can be substantiated by the taxpayers entry in a notebook prepared at the time of the contribution. Required substantiation must be obtained within thirty days of the contribution to meet the contemporaneous requirement. The acknowledgement for a contribution in excess of $250 must contain either an estimate of the value of goods or services provided or...

Which of the following statements are true regarding sponges?

QUESTION 3 Which of the following statements are true regarding sponges? Sponges live in marine or freshwater environments. All sponges are photosynthetic. Adult sponges are non-motile Sponges do not have true tissues. QUESTION 4 Which of the following statements are true regarding arthropods. Similar to the earthworm, an arthropod has a body composed of repeated segments Arthropods have an exoskeleton Arthropods have a coelom Arachnids, crustaceans and insects are all arthropodsQUESTION 5 What are the four basic types of tissues found in animals? tracheid muscle tissue connective tissue epithelial tissue mesophyll nerve tissue

Which of the following statements regarding critical paths is true?

Which of the following statements regarding critical paths is true? A. On a specific project, there can be multiple critical paths, all with exactly the same duration. B. The duration of the critical path is the average duration of all paths in the project network. C. Every network has only one critical path. D. Some activities on the critical path may have slack. E. The shortest of all paths through the network is the critical path.

Which of the following statements are true regarding chemical reactions? T = true and F =...

Which of the following statements are true regarding chemical reactions? T = true and F = false. A) the more negative the ΔG, the further towards completion the reaction will proceed before equilibrium is reached. B) only a system not at equilibrium can perform work. C) for most biochemical reactions in a metabolic pathway, equilibrium is rarely reached. D) in a closed system, a chemical reaction will proceed spontaneously until the reactants and products are in equal concentration.

Which of the following statements is TRUE regarding CAPM? A) This is a model for relating...

Which of the following statements is TRUE regarding CAPM? A) This is a model for relating unsystematic risk to the expected return on a risky asset B) Ceteris paribus, stocks with higher betas should have lower prices. C) The beta for the market is always zero. D) Stocks with higher market risk should have lower expected or required rates of return. Albert purchased Southern Industries stock for $40 per share and sold it one and one half years later for...

3. Which of the following statements regarding liquidity and profitability is not true? a. If a...

3. Which of the following statements regarding liquidity and profitability is not true? a. If a business is unable to pay its debts as they come due, it is operating unprofitably b. In order to survive in the long run, a business must both remain liquid and operate profitably c. A business may operate profitably, yet be unable to meet its obligations d. A business may be liquid, yet operate unprofitably for several years

Which of the following insurance premiums would not be considered a qualified medical expense? a. Premiums...

Which of the following insurance premiums would not be considered a qualified medical expense? a. Premiums for health care continuation coverage (such as coverage under COBRA) b. Premiums for Medicare supplemental policy, such as Medigap c. All premiums for long-term care insurance including amounts over the aged-based limits d. Premiums for Medicare and other health care coverfage if the taxpayer was 65 or older

Subjects