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Acct 553 Week 3 Essay

406 words - 2 pages

Week 3 Homework
Please provide your answer to each question in the space provided below.
When finished, submit to the DropBox.

Chapter 7
1. In your "own" words, please describe what a "Suspended Loss" is, how it is generated and when it is becomes deductible. (5 pts)
A suspended loss is a capital loss that is suspended until future years because it exceeds passive income limitations for the current year. They are generated if a loss occurs for an activity one year, the loss exceeds passive income limitations and cannot be claimed in that year, the ...view middle of the document...

These participants may deduct up to a $25,000 loss for nonpassive income.
Smith, Ephraim, Harmelink, Hasselback. CCH Federal Taxation: Comprehensive Topics 2014 Edition. CCH, 04/2013.
Chapter 8
3. Macy had a lot of medical expenses this year that were not covered by her insurance (either due to a deductible, co-insurance, or co-pay). Her un-reimbursed qualifying medical expenses total $8,356 and her AGI for 2013 is $45,000. Assuming she will itemize on her 2013 tax return, how much of her medical expenses will she be able to deduct? (5 pts)
Medical Expenses | $8,356 |
Less 10% of $45,000 (AGI) | 4,500 |
Total Medical Expense Deduction | $3,856 |

4. Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expense. How much, if any, of that interest is deductible on Schedule A? (5 pts)
The IRS has taken the position that if the initial mortgage exceeds $1,000,000, up to $100,000 of the excess will qualify as home equity interest. Rev. Rul. 2010-25
Combined Mortgage | $ 1,160,000 |
Mortgage Interest Expense | 46,400 |
Allowable Indebtedness | 1,100,000 |
Allowable Deduction | $ 44,000 |
| (1,100,000/1,160,000)*46,400 |

Smith, Ephraim, Harmelink, Hasselback. CCH Federal Taxation: Comprehensive Topics 2014 Edition. CCH, 04/2013.

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