Business, 11.11.2019 18:31, emmanuelmashao6704

In december 2019, todd, a cash basis taxpayer, paid $1,200 of fire insurance premiums for the calendar year 2020 on a building he held for rental income. todd deducted the $1,200 of insurance premiums on his 2019 tax return. he had $150,000 of taxable income that year. on june 30, 2020, he sold the building and, as a result, received a $500 refund on his fire insurance premiums. as a result of the above:

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In december 2019, todd, a cash basis taxpayer, paid $1,200 of fire insurance premiums for the calend...