Homework Answers
Answer : d . $12,000
Explanation :
Total expenses that Robyn can deduct on her tax return associated with the beach house
= Mortgage Interest + Rental estate taxes
= $9,000 + $3,000
= $12,000
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44. Robyn rents her beach house for 60 days and uses it for personal use for...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the cur...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss was sustained as follows: Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes ( 7,000) Rental...
explain pls! 3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 day...
explain pls!
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss was sustained as follow Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes (...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss ental and personal use, it was determined that a loss was sustained as follows: Gross Rental Income (60 x $200/day)...
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Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 3,900 Mortgage interest 10,700 Property taxes 3,000 Repairs & maintenance 1,000 Utilities 4,900 Depreciation 15,700 During the year, Alexa rented out the condo for 137 days. She did not use the condo at all for personal purposes during the year. Alexa’s AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has...
43. Priscella pursued a hobby of making bedspread ponued a hobby of making heeads in ber e Her AG before considerin...
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Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses...
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 3,400 Mortgage interest 7,500 Property taxes 4,600 Repairs and maintenance 830 Utilities 4,500 Depreciation 22,200 During the year, Alexa rented out the condo for 115 days. Alexa’s AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume there are 365 days in the year. Assume...
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $1,000 Advertising expense 500 Mortgage interest 3,600 Prop...
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3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss was sustained as follows: Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes ( 7,000) Rental...
explain pls!
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss was sustained as follow Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes (...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss ental and personal use, it was determined that a loss was sustained as follows: Gross Rental Income (60 x $200/day)...
43. Priscella pursued a hobby of making bedspread ponued a hobby of making heeads in ber e Her AG before considering the hobby is $40.000 During 2019 she sold the bedspreads for $10,000. She incurred expenses as follows Supplies Interest on loan to get business started Advertising $4,000 500 6,500 Assuming that the activity is deemed a hobby, how should she report these items on her tax return a. Include $10,000 in income and deduct $11,000 for AGI b. Ignore...
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