Homework Answers
Answer 32 of 75)
If you share home with office than the standard home office deduction is $5 per square feet but upto 300 square feet of the area used regularly and exclusively for the business ,
So, judy uses 400 Square feet for home office but only 300 Sq. feet is qualified for home office deduction.
So, maximum home office expense deduction is 300*5 = $1500
So answer c) $1500
Answer 33 of 75)
Ans B)Mid-month
All other options such as Half-year, Mid-quarter, Mid-year affect Short-year depreciation.
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Question 32 of 75. Judy is a sole proprietor and wishes to use the simplified method...
Judy is a sole proprietor and wishes to use the simplified method for business use of...
Judy is a sole proprietor and wishes to use the simplified method for business use of home expenses. Her mortgage interest for 20178 is $3500 and real estate taxes are $975. Her home office is 400 square feet, and her total home square footage is 1800 square feet. What is the home office expense deductions?
de Test - Intermediate Sole Proprietorships (2019) Section 5 - Business Use of Home Question 24...
de Test - Intermediate Sole Proprietorships (2019) Section 5 - Business Use of Home Question 24 of 45. Simone is a sole proprietor and wishes to use the actual method for business use of home expenses. Her mortgage interest for 2018 is $4,600, and real estate taxes are $965. Depreciation on the property is $2,500. Her home office is 500 square feet, and her total home square footage is 1,900 square feet. What is Simono's home office expense deduction? office...
Marcella is a sole prop and wishes to use the actual method for business use of...
Marcella is a sole prop and wishes to use the actual method for business use of home expense her mortgage interest for 2018 is 4392 and real estate taxes are 1278 her home office is 400 ft.² and her total home square footage is 2000 ft.² what is the home office deduction without any other qualified expense including depreciation
O stop taking any depreciation on the machine. Change from the general MACRS to a straight-line...
O stop taking any depreciation on the machine. Change from the general MACRS to a straight-line system. Recapture a prorated portion of that which was expensed. O Change nothing. □Mark for follow up Question 34 of 75 Marcela is a sole proprietor and wishes to use the actual method for business-use-of-home expenses. Her mortgage interest for 2017 is $4,392, and real estate taxes are $1,278. Her home office is 400 square feet, and her total home square footage is 2,000...
Question 70 of 75. Blake operated as a sole proprietor, reported on Schedule C (Form 1040)....
Question 70 of 75. Blake 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 regularly for business. Blake 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:...
□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may...
□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of home expenses? O Depreciation O Mortgage interest. O Rent O Utilities. Question 36 of 75. Rents received as payment for use of real estate held for investment purposes are: O Not-for-profit income, reported on Form 1040, line 21. O Investment income, reported on Schedule E O Business earned income, reported on Schedule C. O None of...
Question 74 of 75 Blake operated as a sole proprietor, reported on Schedule C (Form 1040)....
Question 74 of 75 Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square toot rented loft exclusively and regularly for business. Blake used the cash accounting method and had tihe following income and e for his financial planning business Gross receipts: $36,960 Expenses: e Advertising: $80 e Business insurance: $685 e Business license: $100 Comprehensive health insurance (entire year): $7,788 e Office supplies: $76 o Postage: $38 o Rent...
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...
Question 73 of 75. Blake operated as a sole proprietor, reported on Schedule C (Form 1040)....
Question 73 of 75. Blake 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 regularly for business. Blake 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:...
e Question 75 of 75 d as a sole proprietor, reported on Schedule C (Form 1040)....
e Question 75 of 75 d as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square fest of nis 2.100-uars foon rented loft exclusively and regularly for business Blabe used the cash-ce unting method·nd had hewo and ngwa Gross receipts: $36,96o Expenses Advertising: $80 . Business insurance: $685 Business license: $100 Cmpreensive heaith insurance (entire year);: $7,788 Office supplies: $76 e Postage: $38 e Rent (entire year): $14,400 . Renter's insurance (entire year): $1,055 e Second...
de Test - Intermediate Sole Proprietorships (2019) Section 5 - Business Use of Home Question 24 of 45. Simone is a sole proprietor and wishes to use the actual method for business use of home expenses. Her mortgage interest for 2018 is $4,600, and real estate taxes are $965. Depreciation on the property is $2,500. Her home office is 500 square feet, and her total home square footage is 1,900 square feet. What is Simono's home office expense deduction? office...
O stop taking any depreciation on the machine. Change from the general MACRS to a straight-line system. Recapture a prorated portion of that which was expensed. O Change nothing. □Mark for follow up Question 34 of 75 Marcela is a sole proprietor and wishes to use the actual method for business-use-of-home expenses. Her mortgage interest for 2017 is $4,392, and real estate taxes are $1,278. Her home office is 400 square feet, and her total home square footage is 2,000...
Question 70 of 75. Blake 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 regularly for business. Blake 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:...
□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of home expenses? O Depreciation O Mortgage interest. O Rent O Utilities. Question 36 of 75. Rents received as payment for use of real estate held for investment purposes are: O Not-for-profit income, reported on Form 1040, line 21. O Investment income, reported on Schedule E O Business earned income, reported on Schedule C. O None of...
Question 74 of 75 Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square toot rented loft exclusively and regularly for business. Blake used the cash accounting method and had tihe following income and e for his financial planning business Gross receipts: $36,960 Expenses: e Advertising: $80 e Business insurance: $685 e Business license: $100 Comprehensive health insurance (entire year): $7,788 e Office supplies: $76 o Postage: $38 o Rent...
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...
Question 73 of 75. Blake 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 regularly for business. Blake 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:...
e Question 75 of 75 d as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square fest of nis 2.100-uars foon rented loft exclusively and regularly for business Blabe used the cash-ce unting method·nd had hewo and ngwa Gross receipts: $36,96o Expenses Advertising: $80 . Business insurance: $685 Business license: $100 Cmpreensive heaith insurance (entire year);: $7,788 Office supplies: $76 e Postage: $38 e Rent (entire year): $14,400 . Renter's insurance (entire year): $1,055 e Second...
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