Homework Answers
42. Answer is option C
As an improvement depreciated over 27 1/2 years
Rental property is depreciated over 27 1/2 years.
43. Answer is option C
The income is reported on the other income section on Form 1040, and rental expenses, up to the amount of income, are deducted on Schedule A.
He is not engaged in the business of renting personal property so rental income is other income which will be reported on line 21 of form 1040
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Question 42 of 75 Ros a replaced a broken heating and air conditioning unit in one...
Rosa replaced a broken heating and air conditioning unit in one of her rental houses. How...
Rosa 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 safe harbor election for small taxpayers) a. As a repair, deducted as a current expense b. As an improvement, depreciated over 15 years c. Asan improvement, depreciated over 27 1/2 years d. As an improvement, depreciated over 31 1/2 years.
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...
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 10 of 30. Brittany replaced the air conditioning system in one of her rental houses...
Question 10 of 30. Brittany replaced the air conditioning system in one of her rental houses after it failed. Assuming she does NOT make a safe harbor election, how will she report this expense? As a repair, deducted as a current expense on Schedule E, line 14. As an improvement, depreciated over seven years. As an improvement, depreciated over 15 years. As an improvement, depreciated over 27 years.
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....
spusion is the result of foreclosure The rental part of the property was separate from the...
spusion is the result of foreclosure The rental part of the property was separate from the part used personally The taxpayer rented an extra bedroom within the residence Mark for follow up 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 595 timely paid the $950 monthly rent each of the remaining eleven months. How much rental...
rosa replaced a broken heating and air conditioning unit in one of her rental houses how...
rosa replaced a broken heating and air conditioning unit in one of her rental houses how will rhis expense be repirted on schdule e
rosa replaced a broken heating and air conditioning unit in one of her rental houses how...
rosa replaced a broken heating and air conditioning unit in one of her rental houses how will rhis expense be repirted on schdule e
Question 17 of 30. Beth owns a duplex in a resort town. One unit serves as...
Question 17 of 30. Beth owns a duplex in a resort town. One unit serves as her main residence. She rents the other fully-furnished unit whenever she can. In 2018, she rented the unit for 185 days. All of her tenants were short-term: none of them ever stayed for more than a few days. When the property is rented, Beth provides her tenants with cleaning services and fresh linens on a daily basis. How does Beth report this rental income...
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...
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...
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 10 of 30. Brittany replaced the air conditioning system in one of her rental houses after it failed. Assuming she does NOT make a safe harbor election, how will she report this expense? As a repair, deducted as a current expense on Schedule E, line 14. As an improvement, depreciated over seven years. As an improvement, depreciated over 15 years. As an improvement, depreciated over 27 years.
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....
spusion is the result of foreclosure The rental part of the property was separate from the part used personally The taxpayer rented an extra bedroom within the residence Mark for follow up 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 595 timely paid the $950 monthly rent each of the remaining eleven months. How much rental...
Question 17 of 30. Beth owns a duplex in a resort town. One unit serves as her main residence. She rents the other fully-furnished unit whenever she can. In 2018, she rented the unit for 185 days. All of her tenants were short-term: none of them ever stayed for more than a few days. When the property is rented, Beth provides her tenants with cleaning services and fresh linens on a daily basis. How does Beth report this rental income...
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...
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