Lois and Benjamin own a chalet in New Mexico and rented it for 12 days for...
Lois and Benjamin own a chalet in New Mexico and rented it for 12 days for $6,000. The rest of the year, the chalet was used by them and their friends and family. What is the proper tax treatment of the $6,000 income?
none of the rental income needs to be reported as part of gross income.
the amount should be reported as other income.
the amount should be reported on Schedule C.
the amount should be reported on Schedule E.
Homework Answers
Option A none of the rental income needs to be reported as a part of gross income .
Add Answer to:
Lois and Benjamin own a chalet in New Mexico and rented it for
12 days 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 (...
Matt and Marie own a vacation home at the beach. During the year, they rented the...
Matt and Marie own a vacation home at the beach. During the year, they rented the house for 42 days (6 weeks) at $890 per week and used it for personal use for 58 days. The total costs of maintaining the home are as follows: Mortgage interest $4,200 Property taxes 700 Insurance 1,200 Utilities 3,200 Repairs 1,900 Depreciation 5,500 What is the proper tax treatment of this information on their tax return using the Tax Court method? Are there options...
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)...
Randolph and Tammy own a second home. They spent 45 days there and rented it for...
Randolph and Tammy own a second home. They spent 45 days there and rented it for 88 days at $159 per day during the year. The total costs relating to the home include the following: (Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value). Mortgage interest $ 4,680 Property taxes 1,290 Insurance 1,935 Utilities 2,435 Repairs 1,545 Depreciation 6,680 a)What is the tax treatment of these items relating to second home under Tax...
Lynn and Bruce own a vacation cottage on the lakeside. They rented the cottage last year for...
Lynn and Bruce own a vacation cottage on the lakeside. They rented the cottage last year for 60 days, and used it for themselves and their family for 30 days. They had the following income and expenses for the cottage. Rental Income $22,000 Real Estate Taxes $6,000 Mortgage Interest Paid $9,000 Mortgage Principal Repaid $5,000 Electric, Phone, gas $4,000 Repairs $1,000 Insurance $1,000 Depreciation $8,000 Homeowners Assn. Fees $1,000 For real estate taxes and mortgage interest, there are two alternative approaches on how to allocate these, the "tax court approach" and...
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...
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 8 (1 point) Sadie is a full time nurse and a part time painter. Her...
Question 8 (1 point) Sadie is a full time nurse and a part time painter. Her painting qualifies as a hobby. Her gross income from painting is $7,000. Her expenses include $800 of interest on inventory loans, $5,200 of expenses in conducting business activities, and $2,000 of depreciation of equipment. Which of the following statements about Sadie's hobby activity is/are correct? Sadie will not recognize any taxable income as a result of her hobby. Sadie can deduct the interest of...
Stella is a single taxpayer and operates a self-employed business that provides pet-sitting services. The business is...
Stella is a single taxpayer and operates a self-employed
business that provides pet-sitting services. The
business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
Stella reports her income and expenses from the business using
the cash method. Stella's automobile was...
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)...
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...
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)...
Stella is a single taxpayer and operates a self-employed
business that provides pet-sitting services. The
business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
Stella reports her income and expenses from the business using
the cash method. Stella's automobile was...
Most questions answered within 3 hours.
-
when 2053 j of heat is added to 46.3 g of hexane C6H14 the
temperature increases...
asked 37 seconds from now -
a)An ideal heat pump is being considered for use in heating an
environment with a temperature...
asked 25 seconds from now -
.
Convert the following pairs of voltage and current waveforms to
phasor form. Each pair of...
asked 56 seconds ago -
I need new and unique answers, please. (Use your own words,
don't copy and paste), Please...
asked 2 minutes ago -
A 6.5 cm diameter ball has a terminal speed of 22 m/s. What is
the ball's...
asked 14 minutes ago -
Name two areas of the human body with the highest concentration
of lymph nodes and speculate...
asked 18 minutes ago -
Angel Corporation has $10,000,000 of
8.0% 25 year bonds dated May 1, 2018 with interest payable...
asked 53 minutes ago -
7.
________ involves individuals trading goods they already have or
providing services in exchange for something...
asked 57 minutes ago -
Share your research problem. What databases did you search as
you gathered evidence to support your...
asked 57 minutes ago -
what process occurs to form microspores and megaspores in flowering
plants?
asked 1 hour ago -
C++
I need to use the function getData to put in all my data using
arrays....
asked 1 hour ago -
A block is hung by a string from the inside roof of a van. When
the...
asked 1 hour ago