Homework Answers
Answer to question 41 of 75 :-
Zacks basics of rental house = (Purchased amount + transfer legal fees + delinquent property tax.)
= $250,000 + $3,500 + $8,500 = $262,000. Option is not given.Answer is $262,000.
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Question 41 of 75 Zack purchased a rental house for $250,000. He put down $50,000 cash...
Question 14 of 30. Thomas purchased a rental house for $250,000. He put down $50,000 cash...
Question 14 of 30. Thomas purchased a rental house for $250,000. He put down $50,000 cash and took out a mortaage for the balance of $200,000. At closing, he paid $4,000 in points, $3,500 for legal fees, and $8,500 for delinquent property taxes left unpaid by the seller. What is Thomas's basis in the rental house? $250,000 O $257,500 O $262.000 O $266,000
Zeck purchased a rental house for $250,000. He put down $50,000 cash and took out a...
Zeck purchased a rental house for $250,000. He put down $50,000 cash and took out a mortgage for the balance of $200,000. At closing he paid $4000 in points, $3500 for transfer taxes and legal fees, and the $8500 for the delinquent property taxes left unpaid by the seller. What is Zacks basis in the rental home $250,000, $257,500, $262,000, $266,000
Question 46 of 75. The safe harbor election for small taxpayers (a business with total assets...
Question 46 of 75. The safe harbor election for small taxpayers (a business with total assets of less than $10 million or average annual gross receipts of $10 million or less for the prior three taxable years) allows taxpayers to elect to expense certain items. Items eligible for this election include all of the following EXCEPT: O Utilities O Repairs. O Maintenance. Improvements.
$200,000. At closing, he paid $4,000 l pullo, JUUUU property taxes left unpaid by the seller....
$200,000. At closing, he paid $4,000 l pullo, JUUUU property taxes left unpaid by the seller. What is Zack's basis in the rental O $250,000 O $257,500 $262.000 O $266,000 Mark for follow up Question 39 of 75. Which of the following is passive income? O Salaries and wages. Income from real estate ventures for a non-real estate professional. O Winnings from gambling.
Question 72 of 75. Mona owns a rental house that she has rented to various tenants...
Question 72 of 75. Mona owns a rental house that she has rented to various tenants since September of 2001. She converted the house from personal to rental property. At the time of conversion, the adjusted basis of the house was $154,000, including land value of $11,600. The fair market value of the house was $146,000, including land value of $11,600. The backyard fence fell into disrepair in June of 2018. She had it replaced June 27th, 2018, for $8.399....
Question 20 of 75. In January 2009. Julius purchased for $110,000 a rental house which he...
Question 20 of 75. In January 2009. Julius purchased for $110,000 a rental house which he immediately placed in service. The purchase price included $10,000 for the land. In August of 2018, he decided to sell the house to the tenant. How much depreciation may he deduct in 2018? O $1,364 O $2,273 O $3,485 O $3,636 Mark for follow up Question 35 of 75. Raul purchased a new office computer system on February 15, 2017, at a cost of...
Question 71 of 75. Mona owns a rental house that she has rented to various tenants...
Question 71 of 75. Mona owns a rental house that she has rented to various tenants since September of 2001. She converted the house from personal to rental property. At the time of conversion, the adjusted basis of the house was $154,000, including land value of $11,600. The fair market value of the house was $146,000, including land value of $11,600. The backyard fence fell into disrepair in June of 2018. She had it replaced June 27th, 2018, for $8,399....
Question 14 of 30. Thomas purchased a rental house for $250,000. He put down $50,000 cash and took out a mortaage for the balance of $200,000. At closing, he paid $4,000 in points, $3,500 for legal fees, and $8,500 for delinquent property taxes left unpaid by the seller. What is Thomas's basis in the rental house? $250,000 O $257,500 O $262.000 O $266,000
Question 46 of 75. The safe harbor election for small taxpayers (a business with total assets of less than $10 million or average annual gross receipts of $10 million or less for the prior three taxable years) allows taxpayers to elect to expense certain items. Items eligible for this election include all of the following EXCEPT: O Utilities O Repairs. O Maintenance. Improvements.
$200,000. At closing, he paid $4,000 l pullo, JUUUU property taxes left unpaid by the seller. What is Zack's basis in the rental O $250,000 O $257,500 $262.000 O $266,000 Mark for follow up Question 39 of 75. Which of the following is passive income? O Salaries and wages. Income from real estate ventures for a non-real estate professional. O Winnings from gambling.
Question 72 of 75. Mona owns a rental house that she has rented to various tenants since September of 2001. She converted the house from personal to rental property. At the time of conversion, the adjusted basis of the house was $154,000, including land value of $11,600. The fair market value of the house was $146,000, including land value of $11,600. The backyard fence fell into disrepair in June of 2018. She had it replaced June 27th, 2018, for $8.399....
Question 20 of 75. In January 2009. Julius purchased for $110,000 a rental house which he immediately placed in service. The purchase price included $10,000 for the land. In August of 2018, he decided to sell the house to the tenant. How much depreciation may he deduct in 2018? O $1,364 O $2,273 O $3,485 O $3,636 Mark for follow up Question 35 of 75. Raul purchased a new office computer system on February 15, 2017, at a cost of...
Question 71 of 75. Mona owns a rental house that she has rented to various tenants since September of 2001. She converted the house from personal to rental property. At the time of conversion, the adjusted basis of the house was $154,000, including land value of $11,600. The fair market value of the house was $146,000, including land value of $11,600. The backyard fence fell into disrepair in June of 2018. She had it replaced June 27th, 2018, for $8,399....
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