Question: Please ANSWER ALL THREE QUESTIONS and only answer no need for explanation, thanks 1 - Which expense may be deducted when calculating taxable income for

Please ANSWER ALL THREE QUESTIONS and only answer no need for explanation, thanks

1 - Which expense may be deducted when calculating taxable income for an individual homeowner?

A) Mortgage payments on a principal residence

B) Property taxes paid on a second residence

C) Property insurance on a principal residence

D) Maintenance expenses on a principal residence

2 - Compliance with the Florida Building Code is enforced by?

A) local government through the issuance of building permits after review of the architectural plans.

B) local property tax authority through periodic building inspections.

C) state government through documentary stamp taxation.

D) local government through the enactment of zoning ordinances.

3 - A duplex is scheduled to close on July 11. On the first of the month, the seller collected rent of $645 per unit. According to the contract for sale and purchase, the day of closing belongs to the buyer. Calculate the proration and indicate how the entry appears on the Closing Disclosure?

A) $873.87 credit to seller, $873.87 debit to buyer

B) $873.87 debit to seller, $873.87 credit to buyer

C) $416.13 credit to seller, $416.13 debit to buyer

D) $416.13 debit to seller, $873.87 credit to buyer

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!