20. Which one of the following does not affect the adjusted basis of a house held...

20. Which one of the following does not affect the adjusted basis of a house held as rental property?

A) painting of more than 50% of the rooms in the home

B) depreciation deduction

C) adding a new room to the house

D) installation of a completely new heating system

21. On Form 1040, deductions for adjusted gross income include the amounts paid for all of the following except

A) home mortgage interest

B) one-half of self employment tax.

C) student loan interest.

D) contributions to a Health Savings Account.

22. Self-employed individuals may claim, as a deduction for adjusted gross income, 50 percent of their

A) traditional IRA contributions.

B) health insurance premiums.

C) disability insurance premiums.

D) self-employment tax.

Solutions

Expert Solution

20. Option C) painting of more than 50% of the rooms in the home

21. On Form 1040, deductions for adjusted gross income include the amounts paid for all of the following except home mortgage interest

22. Self- employed individuals may claim, as a deduction for adjusted gross income, 50 percent of their self employment tax

ekkarill92 answered 1 year ago

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