The interest is deductible on your tax return for which of the following? Multiple Choice Home...

The interest is deductible on your tax return for which of the following?

Multiple Choice

Home equity loan

Auto loan

Credit card

Life insurance policy cash value loan

Personal cash loan from a credit union

Solutions

Expert Solution

A.Home equity loan

the interest on home equity loan is tax deductible , though subject to certain limitations.

Where as the other loans given as options namely

Auto loan, credit card , life insurance policy cash value loan and personal cash loan from a credit union are personal loans and the interest paid on them is not tax deductible.

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

Interest on a home mortgage is tax deductible. Explain why interest paid in the early years...

Interest on a home mortgage is tax deductible. Explain why interest paid in the early years of a home mortgage is more helpful in reducing taxes than interest paid in later years.

Q1. Which of the following expenditures should be recorded as an asset? Multiple Choice Interest costs...

Q1. Which of the following expenditures should be recorded as an asset? Multiple Choice Interest costs during the construction period of a new building. Repair of a machine. Property taxes incurred on an existing building. Depreciation during the first year of an existing building. 2. A company purchased land and building from a seller for $900,000. A separate appraisal reveals the fair value of the land to be $200,000 and the fair value of the building to be $800,000. For...

Are any of the following expenditures deductible on an individual taxpayer’s income tax return? Explain each...

Are any of the following expenditures deductible on an individual taxpayer’s income tax return? Explain each item. Expenditure Amount Cost of having income tax return prepared by a CPA $100 Legal fee for divorce proceeding of which 20 percent related to tax planning advice 3,000 Lost wages for time missed from work while having income tax return prepared 250 Legal fee for estate planning advice of which 35 percent related to tax planning advice 900 Cost of having federal gift tax return prepared by a...

Multiple Choice: Choose the correct answer and report in your Word document. Which of the following...

Multiple Choice: Choose the correct answer and report in your Word document. Which of the following could be evaluated as anti-competitive using the per se rule? A. Three rival oil and gas firms propose to merge in a highly concentrated industry. B. Two oil and gas firms agree on who will win a new land lease before submitting bids. C. A large upstream oil and gas producer decides to purchase a downstream retailing firm. D. A new technological advancement allows...

Which of the following types of taxes are deductible in 2018? Which are deductible FOR and...

Which of the following types of taxes are deductible in 2018? Which are deductible FOR and which FROM AGI? 1. Property tax on real estate 2. Real property taxes on residence 3. Interest on home mortgage 4. Interest paid on a personal residence 5. interest paid on a note to the bank 3/4 of which was used to buy state and municipal bonds, the rest 1/4 to buy stock

Which of the following accurately describes a company’s choice of inventory cost method? Multiple Choice A...

Which of the following accurately describes a company’s choice of inventory cost method? Multiple Choice A company can choose which inventory method it prefers, even if the method does not match the actual physical flow of goods. Once a company chooses a method, it is not allowed to frequently change to another one. All of the other answers are correct. A company need not use the same method for all of its inventory.

Which one of these is correct? Multiple Choice Depreciation has no effect on taxes. Interest paid...

Which one of these is correct? Multiple Choice Depreciation has no effect on taxes. Interest paid is a noncash item. Taxable income must be a positive value. Net income is distributed either to dividends or retained earnings. Taxable income equals net income divided by (1 + Average tax rate).

Which of the following is NOT a goal of an accounting system? Multiple Choice to accumulate...

Which of the following is NOT a goal of an accounting system? Multiple Choice to accumulate data about a firm’s financial affairs to classify data about a firm’s financial affairs in a meaningful way to interpret the relative success of a business through the examination of data about its financial affairs to summarize data about a firm’s financial affairs in periodic reports called financial statements

Which of the following are not examples of operating costs for an IT investment? Multiple Choice...

Which of the following are not examples of operating costs for an IT investment? Multiple Choice Costs of routine hardware replacements over time Cost of contract for help desk support Costs of disposal of electronics at end of life Costs of software license renewals All of the choices are examples of operating costs.

Which of the following is NOT true of the relaxation of a muscle fiber? Multiple Choice...

Which of the following is NOT true of the relaxation of a muscle fiber? Multiple Choice calcium release channels open allowing Ca to leave SR ATP is needed to fuel the calcium ATPase pumping Ca into SR Ca2+ moves from the sarcoplasm into the sarcoplasmic reticulum (SR) Action potentials must cease

Subjects