A limited partner loses his limited liability when she becomes a ...

[rayancarla1]

A limited partner loses his limited liability when she becomes a contractor for the limited partnership, or the general partner.
  Indicate whether the statement is true or false

Question 2

Anna and Bob bought their home for 250,000 in 2001. Since moving in they have completed the following: Pool 25,000 Security System  6,000 Landscape  4,000 Drapes 15,000 Their 2001 loan was at 10 and interest rates are now at 7. Their home is now worth 400,000. Their lender will refinance 320,000 (80 of market value). How much can Anna and Bob refinance and still deduct all interest on their income tax?

[b614102004]

Answer to Question 1

FALSE

Answer to Question 2

250,000
25,000

6,000

4,000

15,000

300,000 - original cost plus improvements

[rayancarla1]

Thanks for the timely response, appreciate it

[JaynaD87]

Excellent