Linda installed a special pool for the hydrotherapeutic treatment of severe arthritis, as prescribed by her doctor. The cost of installing the pool was $22,640, and her insurance company paid $5,660 toward its cost. The pool increased the value of Linda's house by $7,924, and it has a useful life of 10 years. How much of a deduction (before any AGI limitations) is Linda entitled to in the year of installation of the pool?

-Betty is an unmarried attorney. During the year a hurricane completely destroys her home, which had a basis of $60,000. The value of her home before the tornado is $100,000 and the value afterwards is $35,000. Betty's home is located in a federally declared natural disaster area. Her AGI is $50,000. What is the amount that Betty can deduct after limitations? Group of answer choices $29,900. $54,900. $59,900. $65,000.

Stan and Stella are married and own a home insured for $250, 000 (Coverage A limit) under an unendorsed HO-3 policy. The policy period is January 1st Dec. 31st. The non- windstorm deductible is $1,000. The windstorm deductible is 2%. Answer the following question based on the above policy information: Stan and Stella's house is completely destroyed by a hurricane winds on September 1st during Hurricane Chucky. The replacement cost of the home at the time of loss is $250, 000. How much will their insurance company pay them for their damages?

Glenda is 71 years old and lives in a retirement home. She paid a total of $9,000 in attendant care fees, which she decided to claim as a medical expense. Form T2201 is certified by the CRA. How much can Glenda claim on Line 31600? gha $0 $130 $8,870 $9,000

Marvin broke his hip in a slip and fall accident at Costco.  He received an accident settlement from Costco’s insurance company for $25,000.  He was unable to work during the two-month recovery period but was able to use the $5,000 in sick pay he had accumulated from his employer.  Marvin also received $10,000 from an accident policy he had purchased for himself.  How much of this income is taxable to Marvin.

Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Repairs & maintenance. Property taxes $ 1,000 500 3,500 900 650 Utilities Depreciation 950 8,500 During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions…

O's medical expenses paid during a 12-month period ending in the current year totaled $3,000. The medical expenses for O's 20-year-old son paid during the same 12-month period totaled $1,000. For the current year, O had net income of $150,000 and the son had net income of $3,000. What is the maximum federal medical expense credit? (Enter the amount as a positive number.)