DEVRY ACCT 553 Week 3 Homework Ass .pdf
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DEVRY ACCT 553 Week 3 Homework
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ACCT 553 Week 3 Homework Assignment
In your “own” words, please describe what a “Suspended Loss” is, how it is generated
and when it is becomes deductible. (5 pts)
Please describe “Active Participation” as it relates to a taxpayer’s involvement in an
investment in Real Estate. (5 pts).
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)
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)