We also collect information from and about the devices you use to access the Services. We use this information to improve our Services, develop new services and features, and protect our users.ĭevice information. We collect information related to how you use the Services, including actions you take in your account (like sharing, viewing, and moving files or folders). If you do, we’ll store those contacts on our servers for you to use. You may choose to give us access to your contacts (spouse or other company staff) to make it easy for you to do things like share and collaborate on Your Stuff, send messages, and invite others to use the Services. Our Services provide you with different options for sharing Your Stuff.Ĭontacts. This related information includes your profile information that makes it easier to collaborate and share Your Stuff with others, as well as things like the size of the file, the time it was uploaded, collaborators, and usage activity. To make that possible, we store, process, and transmit Your Stuff as well as information related to it. Our Services are designed to make it simple for you to store your files, documents, comments, messages, and so on ( “Your Stuff”), collaborate with others, and work across multiple devices. Some of our Services let you access your accounts and your information via other service providers. We collect, and associate with your account, the information you provide to us when you do things such as sign up for your account, opt-in to our client newsletter or request an appointment (like your name, email address, phone number, and physical address). We collect and use the following information to provide, improve, and protect our Services:Īccount information. Here we describe how we collect, use, and handle your personal information when you use our websites, software, and services ( “Services”). Our mission is to create a web based experience that makes it easier for us to work together. I was thinking that the question said the 2nd residence was subject to a mortgage then this insurance must have been mortgage insurance and would thus be deductible.Thanks for visiting our website. If it doesn't say private mortgage insurance, don't assume it's such. More likely the insurance is fire insurance or homeowner's insurance, neither of which is deductible. But in this question, the insurance expense incurred was not deductible, why not?Ĭan you please explain on this? Thanks a lot.
#Cpa study material tax deductible update#
I got this information from 2008 Update Becker. I thought mortgage insurance premiums are deductible as long as they are paid before or on December 10, 2010. For a personal residence, neither insurance costs nor utilities costs are deductible. The insurance cost is not deductible furthermore, the deduction for personal residence interest is an itemized deduction.Ĭhoice "d" is incorrect.
The utilities cost is not deductible furthermore, the deduction for personal residence interest is an itemized deduction.Ĭhoice "b" is incorrect. The deduction for personal residence interest is an itemized deduction.Ĭhoice "a" is incorrect. This is because of the amount of interest and the fact that there is no debt associated with Jackson's other residence. The deduction for interest on home equity indebtedness is limited to interest on $100,000 of indebtedness, but this is unlikely to be a problem here even if the interest relates solely to home equity indebtedness. In this problem we are not told whether the interest relates to acquisition indebtedness or home equity indebtedness. Note that property taxes (not present in this problem) are deductible. For a personal residence that is not used for rental purposes, no deduction is allowed for utilities costs or insurance, thus the only deductible amount here is for the mortgage interest. $11,000 in determining adjusted gross income.Ĭhoice "c" is correct. $6,200 in determining adjusted gross income.ī. The following expenses were incurred for the second residence in 20X1:įor regular income tax purposes, what is the maximum amount allowable as a deduction for Jackson's second residence in 20X1?Ī. The second residence, which has never been used for rental purposes, is the only residence that is subject to a mortgage. Topic: Mortgage insurance deductible? R2 ( Topic Closed)
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