Homework Answers
Betty's income and expenses are reported on Schedule E.
All rental income and related expenses are reported on Schedule E. The income as per Schedule E is then reported on Form 1040.
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Question 17 of 30. Beth owns a duplex in a resort town. One unit serves as...
Question 40 of 75. Leon sold residential rental property he had owned for three years. As...
Question 40 of 75. Leon sold residential rental property he had owned for three years. As part of this sale, Leon realized gain on the sale of the rental hou $1231 $1245. 0 $1250 $1254 Mark for follow up Question 41 of 75. Rosa replaced a broken heating and air conditioning unit in one of her rental houses. How will this expense be reported on schedule As a repair, deducted as a current expense As an improvement depreciated over 15...
Question 42 of 75 Ros a replaced a broken heating and air conditioning unit in one...
Question 42 of 75 Ros a replaced a broken heating and air conditioning unit in one of her rental houses. How will this expense be reported on Schedule E? (She will NOT make the small taxpayer election for small taxpayers.) OAs a repair, deducted as a current expense. O As an improvement, depreciated over 15 years. O As an improvement, depreciated over 27 1/2 years. As an improvement, depreciated over 31 1/2 years. □Mark for follow up Question 43 of...
Question 18 of 30. Candace owns a duplex. She resides in one unit and rents out the other. Her expenses need to be...
Question 18 of 30. Candace owns a duplex. She resides in one unit and rents out the other. Her expenses need to be categorized as indirect (partly deductible) or direct (fully deductible). Choose the response that provides the best example of a direct expense. O A new roof for the duplex, installed after the tenant complained about a leak in their ceiling. O Replacement sidewalk leading up to the building. A new window air conditioner installed in the tenant's unit...
1254 lark for follovw up stion 41 of 75. a replaced a broken heating and alr...
1254 lark for follovw up stion 41 of 75. a replaced a broken heating and alr conditioning unit in one of her rental houses. How will this expense be reported on Schedule E? (She will NOT make the safe harbor election for small taxpeyers.) As a repair, deducted as a curent expense. As an Improvement, depreciated over 15 years. As an improvement, depreciated over 27 1/2 years As en improvement, depreciated over 31 1/2 yearn Mark for follow up uestion...
Kelvin owns and lives in a duplex. He rents the other unit for $710 per month....
Kelvin owns and lives in a duplex. He rents the other unit for $710 per month. He incurs the following expenses during the current year for the entire property ints Mortgage interest Property taxes Utilities Fixed light fixture in rental unit Fixed dishwasher in personal unit Painted entire exterior Insurance Depreciation (entire structure) $7,300 1,840 1,360 80 210 980 1,600 6,100 How are the above income and expenses reported on Kelvin's tax return? (Enter a Schedule E expense as a...
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....
Mark for low LP Question 38 of 75. Glenn has a rental house that was rented...
Mark for low LP Question 38 of 75. Glenn has a rental house that was rented beginning January 1 in the current tax year. On January 1, the tenant paid Glenn a $1,200 security deposit plus $950 rent for January and timely paid the $950 monthly rent each of the remaining eleven months. How much rental income will Glenn report for the current year? $11.400 512 350 512.600 513,550 Mark for follow up ho od rent for 5600 per month....
Question 73 of 75. take operated as a sole proprietor, reported on Schedule C (Form 1040)....
Question 73 of 75. take operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square-foot rented loft exclusively and business. Drake used the cash accounting method and had the following income and expenses for his financial planning business- • Gross receipts: $36,960 • Expenses: Advertising: $80 Business insurance: $685 - Business license: $100 Comprehensive health insurance (entire year): $7,788 - Office supplies: $76 Postage: $38 Rent (entire year): $14,400 Renter's insurance...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,000 in 2019. She is 45 years old and has been divorced for
four years. She receives $1,200 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments from tenants and she incurred $19,500 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the...
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 spent 90 days there. Gross rental income from the property was $3,000. Even incurred the following expenses: mortgage interest, $2,000; real estate taxes. $2,500; utilities, $1,000; maintenance, $300; and depreciation, $5,000. (a). Identify how this vacation home is treated the type (personal, rental, personal/rental), and how you came to your conclusion (state the rule and apply the facts to the rule)...
Question 40 of 75. Leon sold residential rental property he had owned for three years. As part of this sale, Leon realized gain on the sale of the rental hou $1231 $1245. 0 $1250 $1254 Mark for follow up Question 41 of 75. Rosa replaced a broken heating and air conditioning unit in one of her rental houses. How will this expense be reported on schedule As a repair, deducted as a current expense As an improvement depreciated over 15...
Question 42 of 75 Ros a replaced a broken heating and air conditioning unit in one of her rental houses. How will this expense be reported on Schedule E? (She will NOT make the small taxpayer election for small taxpayers.) OAs a repair, deducted as a current expense. O As an improvement, depreciated over 15 years. O As an improvement, depreciated over 27 1/2 years. As an improvement, depreciated over 31 1/2 years. □Mark for follow up Question 43 of...
Question 18 of 30. Candace owns a duplex. She resides in one unit and rents out the other. Her expenses need to be categorized as indirect (partly deductible) or direct (fully deductible). Choose the response that provides the best example of a direct expense. O A new roof for the duplex, installed after the tenant complained about a leak in their ceiling. O Replacement sidewalk leading up to the building. A new window air conditioner installed in the tenant's unit...
1254 lark for follovw up stion 41 of 75. a replaced a broken heating and alr conditioning unit in one of her rental houses. How will this expense be reported on Schedule E? (She will NOT make the safe harbor election for small taxpeyers.) As a repair, deducted as a curent expense. As an Improvement, depreciated over 15 years. As an improvement, depreciated over 27 1/2 years As en improvement, depreciated over 31 1/2 yearn Mark for follow up uestion...
Kelvin owns and lives in a duplex. He rents the other unit for $710 per month. He incurs the following expenses during the current year for the entire property ints Mortgage interest Property taxes Utilities Fixed light fixture in rental unit Fixed dishwasher in personal unit Painted entire exterior Insurance Depreciation (entire structure) $7,300 1,840 1,360 80 210 980 1,600 6,100 How are the above income and expenses reported on Kelvin's tax return? (Enter a Schedule E expense as a...
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....
Mark for low LP Question 38 of 75. Glenn has a rental house that was rented beginning January 1 in the current tax year. On January 1, the tenant paid Glenn a $1,200 security deposit plus $950 rent for January and timely paid the $950 monthly rent each of the remaining eleven months. How much rental income will Glenn report for the current year? $11.400 512 350 512.600 513,550 Mark for follow up ho od rent for 5600 per month....
Question 73 of 75. take operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square-foot rented loft exclusively and business. Drake used the cash accounting method and had the following income and expenses for his financial planning business- • Gross receipts: $36,960 • Expenses: Advertising: $80 Business insurance: $685 - Business license: $100 Comprehensive health insurance (entire year): $7,788 - Office supplies: $76 Postage: $38 Rent (entire year): $14,400 Renter's insurance...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,000 in 2019. She is 45 years old and has been divorced for
four years. She receives $1,200 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments from tenants and she incurred $19,500 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the...
3. This question is worth 10 points During the year, Evan rented his vacation home for 60 days and spent 90 days there. Gross rental income from the property was $3,000. Even incurred the following expenses: mortgage interest, $2,000; real estate taxes. $2,500; utilities, $1,000; maintenance, $300; and depreciation, $5,000. (a). Identify how this vacation home is treated the type (personal, rental, personal/rental), and how you came to your conclusion (state the rule and apply the facts to the rule)...
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