Galen owns a rental house, which he rents at 250 per month. Similar house in the...
Galen owns a rental house, which he rents at 250 per month. Similar house in the neighborhood rent for 800 per month. As Galens Tax Professional how should you treat his rental income?
Homework Answers
As a tax professional,
I would report the income on form 1040 line 21,and rental expenses, upto the amount of income, are deducted on schedule A.
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Galen owns a rental house, which he rents at 250 per month.
Similar house in the...
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 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...
Kelvin owns and lives in a duplex. He rents the other unit for $750 per month....
Kelvin owns and lives in a duplex. He rents the other unit for $750 per month. He incurs the following expenses during the current year for the entire property: Mortgage interest $7,500 Property taxes 2,000 Utilities 1,500 Fixed light fixture in rental unit 100 Fixed dishwasher in personal unit 250 Painted entire exterior 1,300 Insurance 1,800 Depreciation (entire structure) 7,000 How are these income and expenses reported on Kelvin’s tax return? On what tax form(s) are these amounts reported?
Jacoby owns a house at the lake. He uses it nearly every weekend, but he occasionally...
Jacoby owns a house at the lake. He uses it nearly every weekend, but he occasionally rents it out when he cannot get away. At what point must Jacoby report this rental income on his tax return? a. He must report the income, unless he rents the vacation house at less than fair market value. b. He must report the income if the number of days he rents the property exceeds 10% of the number of days he personally uses...
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...
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 6 of 30. Carolyn owns a rental house. Her current tenant, Corey, signed a two-year...
Question 6 of 30. Carolyn owns a rental house. Her current tenant, Corey, signed a two-year lease and moved into the house in January 2018. At that time, Corey paid Carolyn $1,500 for the first month's rent, $1,500 for the last month's rent, and $1,500 as a security deposit. Corey paid the rent in cash on the first of each month during the year, except in November when he replaced the water heater in exchange for his rent. The water...
"An entrepreneur currently rents out a spare bedroom in his house for $500 a month. He...
"An entrepreneur currently rents out a spare bedroom in his house for $500 a month. He plans on starting a small business selling face masks. To produce these face masks, he will use the spare bedroom as a work space which means he can no longer rent the room. Which of the following is true?" The $500 should be included as a negative cash flow since it is an opportunity cost The $500 should be included as a negative cash...
Question 46 of 75. Mary Beth owns a rental house. Her current tenant, Carl, signed a...
Question 46 of 75. Mary Beth owns a rental house. Her current tenant, Carl, signed a two-year lease and moved into the house in January of last year. At that time, Carl paid Mary Beth $1,600 for the first month's rent, $1,600 for the last month's rent, and $1,600 as a security deposit. Carl paid the $1,600 monthly rent in cash on the first of each month during the year, except in November when he replaced the water heater in...
Ranjit owns a residential rental building which he purchased for $300,000 in 2017. In that year,...
Ranjit owns a residential rental building which he purchased for $300,000 in 2017. In that year, his rental income before CCA was $6,000. In 2018, his rental income before CCA was $12,000. Ranjit always minimizes his tax liability. Which of the following statements is correct? a) Ranjit has net rental income of nil in 2018. b) Ranjit has a net rental loss of $2,000 in 2018. c) Ranjit has net rental income of $480 in 2018. d) Ranjit has net...
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 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...
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...
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 6 of 30. Carolyn owns a rental house. Her current tenant, Corey, signed a two-year lease and moved into the house in January 2018. At that time, Corey paid Carolyn $1,500 for the first month's rent, $1,500 for the last month's rent, and $1,500 as a security deposit. Corey paid the rent in cash on the first of each month during the year, except in November when he replaced the water heater in exchange for his rent. The water...
Question 46 of 75. Mary Beth owns a rental house. Her current tenant, Carl, signed a two-year lease and moved into the house in January of last year. At that time, Carl paid Mary Beth $1,600 for the first month's rent, $1,600 for the last month's rent, and $1,600 as a security deposit. Carl paid the $1,600 monthly rent in cash on the first of each month during the year, except in November when he replaced the water heater in...
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