Travel expenses connected with overight travel for business while away from your tax home is deductible. Your tax home is: Mat Choose one Answer. O a. Your family home b. The general area of your place of business c. Where you grew up. d. Where you finished school Which of the following is a taxable payment of alimony if it was ordered in the divorce decree? Choose one answer. a. A noncash property settlement b. Spouse's part of community income c. Payments in cash, checks or money orders d. Payments to keep up the payer's property. Gordy is Sling Single and rented his duplex to two tenants. Ho actively participated in the rental activity, which generated a $34,000 loss in 2018. He had no other passive activity income or loss for the year and his modified AGI was $65.000. Which statement is true? Choose one answet a Gordy can claim $25.000 of the loss in 2018 and must carry forward the remaining 59.000 to 2019 b. Gordy can claim all of the loss in 2018 Gordyn im $12.500 of the loss in 2018 and must carry forward the remaining 121,500 to 2019 Gordy cannot claim any loss in 2018 and must carry forward all $34.000 to 2019 o d When would a taxpayer stop depreciating an asset? (Select all that apply) Choose at least one When the basis has been depreciated b. When he is no longer used for business When the is no longer owned by the taxpayer When business use of the asset drop to 50% obec When the business come on the return is low enough that the taxpayer will not benefit from the depreciation Which statements are true of employee business expenses in 2018? (Select all that apply.) Choose at least one answer a Tax law regarding employee business expenses is the same for 2018 as it was in 2017. b. Employee business expenses can no longer be deducted on Schedule A c. Employers may reimburse employees for expenses the employee paid related to their work d. Employees may deduct their business related expenses as long as the expenses were required as a condition of their employment Fred purchased a storage shed for $7.000 in 2013. In 2015 he replaced the roof for $3,000. In 2018, he sold the shed for $12,000. What is his adjusted basis for the shed? Choose one answer a $10.000 S7.000 $3000 d. $12,000 $4,000 Haley (age 48) and Myron (age 51) are married and filing a joint return. Myron has earned income of $42,000 and is not covered by an employer plan. Haley is a homemaker and does not work outside the home. What is the total amount they can deduct for contributions to traditional IRAs for both Haley and Myron? Choose one answer. a $6,500 b. $11,000 $12.000 $13,000 Income from accounts at credit unions are often called "dividends" but are entered on the tax return as: Marks: 1 Choose one answer Dividends b. Bonds O cromat Which statements are true about the timing of filing an amended tax return? (Select all that apply.) Marks Choose at least one answer a. You cannot loan amendment after 3 years from the due date of the originally fled rebum. b. You generally cannot receive a refund from an amand filed more than three years after the due date of the originally filed retum c. If you file an amend later than three years after the due date of the originally fed return, you may receive a refund up to the tax paid within two years prior to fling the amend d. When filing an amend after the due date of the original return, a balance dun may be assessed interest. e. No matter when you lean amend, if it shows a refund, you should receive that refund within 90 days 10 Jane retired on disability in 2016. The Disability Insurance plan was paid partly by Jane and partly by her employer. Jane has met the minimum retirement age, and received a Form 1099-R with code 3 in box 7 How will Jane report the disability income on her 2018 Form 1040? Mar 1 Choose one answer. A lytaxable on line 1 As party taxable on lines da and 4 c. As y table on lines ta and 4b