1. DEVRY ACCT 553 W EEK 3 H OMEWORK A SSIGNMENT Check this A+ tutorial guideline at http://www.assignmentcloud.com/acct-553/acct-553-week-3-homework-assignment For more classes visit http://www.assignmentcloud.com ACCT 553 Week 3 Homework Assignment Chapter 7 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). Chapter 8 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)