Carrie loaned her friend $4,500 to buy a used car. She had her friend sign a note with repayment terms and set a reasonable interest rate on the note because the $4,500 was most of her savings. Her friend left town without a forwarding address, and nobody Carrie knows has heard from her in the last year. How should Carrie treat the bad loan for tax purposes?
Answer to relevant QuestionsCindy operates a computerized engineering drawing business from her home. Cindy maintains a home office and properly allocates the following expenses to her office: Depreciation.............. ...Maggie lost her job in the current year. She paid the expenses of owning her home, interest on the mortgage, and property taxes out of savings. Her tax return shows negative taxable income of $20,000. How should this loss be ...Your supervisor has asked you to research the following situation concerning Aurora Browning. Aurora is a self-employed attorney practicing in Seattle, Washington. Aurora attended a legal convention that was held on an ...Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. a. Assuming Phil’s wages were $27,000 and Linda’s wages were $18,500 for 2014 and they ...Sherry moved to Chicago in the current year to take a new job after being laid off from her job in San Diego. She incurred $5,000 of costs moving her household goods, $300 for a one-way airplane ticket to Chicago, $800 for ...
Post your question