Homework Answers
Option a, 100% of the utilities for the mountain cabin for the entire year are deductible.
Reason: Payment for utilities by the owner or the tenant are deductible i.e. those incurred to keep the asset functioning.
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b. $17,000 33. The Griffins own a mountain cabin that is used for both personal and...
34. The Groves own a beach house as a second home. This year, the Groves used...
34. The Groves own a beach house as a second home. This year, the Groves used the beach house personally for 4 months. For 14 days during the summer, the Groves rented out their beach house for $5,000 total to friends. Which statement is true regarding the taxability of the Groves' beach house? a. $5,000 is included in gross income. b. Mortgage interest paid on the beach house is déductible. C. All repair expenses on the beach house are deductible....
uring the year, Anna rented her vacation home for 30 days, used it personally for 20...
uring the year, Anna rented her vacation home for 30 days, used it personally for 20 days, and left it vacant for 315 days. She had the following income and expenses: Rent income $7,000 Expenses Real estate taxes 2,500 Interest on mortgage 9,000 Utilities 2,400 Repairs 1,000 Roof replacement (a capital expenditure) 12,000 Depreciation $7,500 If an answer is zero, enter "0". Assume a 365-day year. In your computations round any fractions to four decimal places. Round your final answer...
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 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...
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)...
In the current year, Sandra rented her vacation home for 75 days, used it for personal...
In the current year, Sandra rented her vacation home for 75 days, used it for personal use for 22 days, and left it vacant for the remainder of the year. Her income and expenses before allocation are as follows: Rental income $ 15,000 Real estate taxes 2,000 Utilities 1,500 Mortgage interest 3,800 Depreciation 7,200 Repairs and maintenance 1,300 What is Sandra’s net income or loss from the rental of her vacation home? Use the Tax Court method. (Round your intermediate...
Please answer all the following questions. When you rent out your home for more than 14...
Please answer all the following questions.
When you rent out your home for more than 14 days per year, you have to declare your income and may have to pay taxes. However, it is not as bad as it sounds. This is because certain costs of running a home that would otherwise not be deductible, such as utilities and insurance, become partially deductible when the home is used to produce rental income. The textbook on page 14-18 (see PPTS below)...
3. This question is worth 10 points During the year, Evan rented his vacation home for...
3. This question is worth 10 points During the year, Evan rented his vacation home for 60 days and spen 90 days there. Gross rental income from the property was $3,000. Evan incurred the following expenses mortgage interest, $2,000 real estate taxes, $2,500 utilities, $1,000 maintenance, $300, and depreciation, $$,000 Identify how this vacation home is treatod the type (personal, rental. personal/rental), and how your conclusion (state the nule and apply the facts to the rule) 2 Compute Evan's allowable...
Utilities and maintenance deductible is? Deductible depreciation is? Net income from activity? If it’s approach is...
Utilities and maintenance deductible is? Deductible
depreciation is? Net income from activity? If it’s approach is used
for deduction, what is the net income from activity? What is the
order of deduction?
this is for the year ending in 2019. also i meant to put if the IRS
aproach is used for the deductions what would be the net income
from the activity.
2 points Saved QUESTION 49 B. During the year Martin rented his vacation home for three months...
(The following information applies to the questions displayed below] Dillon rented his personal residence at Lake...
(The following information applies to the questions displayed below] Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows: Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation 3,100 12,080 1,500 1,500 3,989 13.000 Book Print erences Problem 6-37 Part a...
34. The Groves own a beach house as a second home. This year, the Groves used the beach house personally for 4 months. For 14 days during the summer, the Groves rented out their beach house for $5,000 total to friends. Which statement is true regarding the taxability of the Groves' beach house? a. $5,000 is included in gross income. b. Mortgage interest paid on the beach house is déductible. C. All repair expenses on the beach house are deductible....
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 was sustained as follows: Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes ( 7,000) Rental...
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)...
Please answer all the following questions.
When you rent out your home for more than 14 days per year, you have to declare your income and may have to pay taxes. However, it is not as bad as it sounds. This is because certain costs of running a home that would otherwise not be deductible, such as utilities and insurance, become partially deductible when the home is used to produce rental income. The textbook on page 14-18 (see PPTS below)...
3. This question is worth 10 points During the year, Evan rented his vacation home for 60 days and spen 90 days there. Gross rental income from the property was $3,000. Evan incurred the following expenses mortgage interest, $2,000 real estate taxes, $2,500 utilities, $1,000 maintenance, $300, and depreciation, $$,000 Identify how this vacation home is treatod the type (personal, rental. personal/rental), and how your conclusion (state the nule and apply the facts to the rule) 2 Compute Evan's allowable...
Utilities and maintenance deductible is? Deductible
depreciation is? Net income from activity? If it’s approach is used
for deduction, what is the net income from activity? What is the
order of deduction?
this is for the year ending in 2019. also i meant to put if the IRS
aproach is used for the deductions what would be the net income
from the activity.
2 points Saved QUESTION 49 B. During the year Martin rented his vacation home for three months...
(The following information applies to the questions displayed below] Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows: Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation 3,100 12,080 1,500 1,500 3,989 13.000 Book Print erences Problem 6-37 Part a...
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