Homework Answers
The owner's mother stays on the property all year paying $600 a month rent. The property is the mother's principle residence and fair market rental value is $600 a month.
The other options given falls under the category of day of personal use
Option 1 rent is less than fair rental value therefore day of personal use
Option 2 though owner brother paid more than fair rental value he has not used the house as main home therefore day of personal use
Option 4 day of personal use because exchange for another dwelling unit
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Question 38 of 75. Which of the following does NOT describe a day of personal use?...
Question 38 of 75. Which of the following does NOT describe a day of personal use? The property owner rented his ho...
Question 38 of 75. Which of the following does NOT describe a day of personal use? The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying $600 a month rent. The property...
OMark for follow up Question 48 of 75. Which of the following does NOT describe a...
OMark for follow up Question 48 of 75. Which of the following does NOT describe a day of personal use? O The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. O The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying...
Question 49 of 75. While reviewing last year's tax return for a new client, you see...
Question 49 of 75. While reviewing last year's tax return for a new client, you see rental income entered on the Other Income section on Form 1040, and deductions for rental expenses on the other Expenses section of the Schedule A. What was the client's situation regarding this rental property? The property was rented for less than fair market value. The property was their personal residence and rented for fewer than 15 days. The property was rented in exchange for...
Which of the following situations do not count as days of personal use by the owner of rental property? a. &n...
Which of the following situations do not count as days of personal use by the owner of rental property? a. The taxpayer stays at the house for 10 days while making repairs to the property. b. The taxpayer's sister pays a fair rental price to rent the property for 10 days during the year. c. The taxpayer donates a week of use to a qualified charitable organization. d. All of the above count as days of personal use. e. None...
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....
1. Which of the following could qualify as a residence, for personal residence exclusion from gain?...
1. Which of the following could qualify as a residence, for personal residence exclusion from gain? 1. A condominium. 2. An RV. 3. A boat. 4. Vacant land adjacent to personal residence regularly used by the taxpayer. a. 4 only. b. 1 and 4. c. 1, 2, and 3. d. 1,2,3, and 4. 2. Philip wants to sell his rental beach home and purchase rental property in the mountains. H friend, Randy, tells him he can do a nonsimultaneous tax-free...
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....
federal income taxes
Alton Newman, age 67, is married and files a joint return with his wife, Clair, age 65. Alton and Clair are both retired, and during 2014, they received Social Security benefits of $10,000. Alton’s Social Security number is 111-11-1111, and Clair’s is 123-45- 6789. They reside at 210 College Drive, Columbia, SC 29201. Alton, who retired on January 1, 2014, receives benefits from a qualified pension plan of $2,750 a month for life. His total contributions to the plan (none...
Looking for just the adjusting journal entries which is a through g which I think is...
Looking for just the adjusting journal entries which is a
through g which I think is what the questions is looking for.
Data for January Journal Entries: January 1: Mike and Julie opened the business, each contributing $80,000 in cash to the company and receiving Common Stock in return for their investment. de CAMAT Steel Cab January 1: Purchased equipment for $400,000 from Rent-It, paying $50,000 in cash and taking out a one-year $350,000 note payable at a simple interest...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
Question 38 of 75. Which of the following does NOT describe a day of personal use? The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying $600 a month rent. The property...
OMark for follow up Question 48 of 75. Which of the following does NOT describe a day of personal use? O The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. O The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying...
Question 49 of 75. While reviewing last year's tax return for a new client, you see rental income entered on the Other Income section on Form 1040, and deductions for rental expenses on the other Expenses section of the Schedule A. What was the client's situation regarding this rental property? The property was rented for less than fair market value. The property was their personal residence and rented for fewer than 15 days. The property was rented in exchange for...
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....
1. Which of the following could qualify as a residence, for personal residence exclusion from gain? 1. A condominium. 2. An RV. 3. A boat. 4. Vacant land adjacent to personal residence regularly used by the taxpayer. a. 4 only. b. 1 and 4. c. 1, 2, and 3. d. 1,2,3, and 4. 2. Philip wants to sell his rental beach home and purchase rental property in the mountains. H friend, Randy, tells him he can do a nonsimultaneous tax-free...
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....
Looking for just the adjusting journal entries which is a
through g which I think is what the questions is looking for.
Data for January Journal Entries: January 1: Mike and Julie opened the business, each contributing $80,000 in cash to the company and receiving Common Stock in return for their investment. de CAMAT Steel Cab January 1: Purchased equipment for $400,000 from Rent-It, paying $50,000 in cash and taking out a one-year $350,000 note payable at a simple interest...
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