Homework Answers
| Q 50) | ||||||
| Answer: $2425 | ||||||
| => As per MACRS depreciation system, the rental property | ||||||
| the recovery period is 27.5 years, so | ||||||
| In the problem, The building value is $135000 - $35000 = $100000 | ||||||
| The depreciation recovery amount per year = $100000/27.5 years = $3636.36 | ||||||
| The depreciation for the year 2017 is for 8 months. | ||||||
| The depreciation for the year 2017= 3636.36*8/12 = $2425 | ||||||
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Question 50 of 75 Tyler purchased a rental house in May 2011 for $135,000, of which...
Question 42 of 75. Tyler purchased and placed in service a rental house in May 2011...
Question 42 of 75. Tyler purchased and placed in service a rental house in May 2011 for $135,000, of which $35,000 was attributed to the land. Tyler sold the rental house in August 2018 How much will he deduct for depreciation in 2018? O $1,364 YO $2,273 O $2.425 $3.636 Mark for follow up
Question 20 of 75. In January 2009. Julius purchased for $110,000 a rental house which he...
Question 20 of 75. In January 2009. Julius purchased for $110,000 a rental house which he immediately placed in service. The purchase price included $10,000 for the land. In August of 2018, he decided to sell the house to the tenant. How much depreciation may he deduct in 2018? O $1,364 O $2,273 O $3,485 O $3,636 Mark for follow up Question 35 of 75. Raul purchased a new office computer system on February 15, 2017, at a cost of...
Question 33 of 75 In April 2017, Reiko purchased and placed a rental house in service....
Question 33 of 75 In April 2017, Reiko purchased and placed a rental house in service. She paid $184,000, including $27,000 for the land. Compute her 2017 depreciation on the rental. O $3,531 O $4,044 O $4,138 O $4,738 Mark for follow up
Question 47 of 75. What is the IRS method of allocating expenses between rental use and...
Question 47 of 75. What is the IRS method of allocating expenses between rental use and pers All expenses allocated as a percentage of rental-use days to total days owne All expenses allocated as a percentage of rental-use days to total days used Mortgage interest and casualty losses allocated as a percentage of rental-use Mortgage interest and real estate taxes allocated as percentage of rental-use c Mark for follow up Question 48 of 75. Tyler purchased and placed in service...
Jose purchased and placed in service a rental house in January 2009 for $110,000, which included...
Jose purchased and placed in service a rental house in January 2009 for $110,000, which included $10,000 for the land. In August of the eight year of renting the property, he decided to sell the rental house to the tenant. How much depreciation may he deduct in the eight year?
January 2009 Julius purchased for a hundred and ten thousand a rental house which he made...
January 2009 Julius purchased for a hundred and ten thousand a rental house which he made Italy placed in service. The purchase price included $10,000 for the land in August of 2018, he decided to sell the house to the tenant how much depreciation may he deduct in 2018
Mark for follow up Question 49 of 75. Mario purchased a rental house on March 1...
Mark for follow up Question 49 of 75. Mario purchased a rental house on March 1 of last year. It was vacant when she bought it. She decided to paint the interior and install new carpeting before showing the property to potential tenants. The work was completed on April 11. That same day, Marie put out a vacancy sign and began showing the property to prospective tenants. She received a signed lease from a new tenant on May 28, and...
Mark for follow up Question 44 of 75. Marie purchased a rental house on March 1...
Mark for follow up Question 44 of 75. Marie purchased a rental house on March 1 of last year, it was vacant when she bought it. She decided to paint the interior and install new carpeting before showing the property to potential tenants. The work was completed on April 11. That same day, Marie put out a vacancy sign and began showing the property to prospective tenants. She received a signed lease from a new tenant on May 28, and...
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....
In August 2017, Richard purchased and placed in service an office building costing $753000 including $134000...
In August 2017, Richard purchased and placed in service an
office building costing $753000 including $134000 for the land. The
amount of depreciation Richard May claim in 2017 is
A) 5961
B) 7286
C) 7366
D) 8443
□Mark for follow up Question 30 of 75 Which of the following distributions from a Coverdell Education Savings Account (ESA) is most likely to be taxa O A distribution that is a return of investment, used to pay qualifying education O A distribution...
Question 42 of 75. Tyler purchased and placed in service a rental house in May 2011 for $135,000, of which $35,000 was attributed to the land. Tyler sold the rental house in August 2018 How much will he deduct for depreciation in 2018? O $1,364 YO $2,273 O $2.425 $3.636 Mark for follow up
Question 20 of 75. In January 2009. Julius purchased for $110,000 a rental house which he immediately placed in service. The purchase price included $10,000 for the land. In August of 2018, he decided to sell the house to the tenant. How much depreciation may he deduct in 2018? O $1,364 O $2,273 O $3,485 O $3,636 Mark for follow up Question 35 of 75. Raul purchased a new office computer system on February 15, 2017, at a cost of...
Question 33 of 75 In April 2017, Reiko purchased and placed a rental house in service. She paid $184,000, including $27,000 for the land. Compute her 2017 depreciation on the rental. O $3,531 O $4,044 O $4,138 O $4,738 Mark for follow up
Question 47 of 75. What is the IRS method of allocating expenses between rental use and pers All expenses allocated as a percentage of rental-use days to total days owne All expenses allocated as a percentage of rental-use days to total days used Mortgage interest and casualty losses allocated as a percentage of rental-use Mortgage interest and real estate taxes allocated as percentage of rental-use c Mark for follow up Question 48 of 75. Tyler purchased and placed in service...
Mark for follow up Question 49 of 75. Mario purchased a rental house on March 1 of last year. It was vacant when she bought it. She decided to paint the interior and install new carpeting before showing the property to potential tenants. The work was completed on April 11. That same day, Marie put out a vacancy sign and began showing the property to prospective tenants. She received a signed lease from a new tenant on May 28, and...
Mark for follow up Question 44 of 75. Marie purchased a rental house on March 1 of last year, it was vacant when she bought it. She decided to paint the interior and install new carpeting before showing the property to potential tenants. The work was completed on April 11. That same day, Marie put out a vacancy sign and began showing the property to prospective tenants. She received a signed lease from a new tenant on May 28, and...
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....
In August 2017, Richard purchased and placed in service an
office building costing $753000 including $134000 for the land. The
amount of depreciation Richard May claim in 2017 is
A) 5961
B) 7286
C) 7366
D) 8443
□Mark for follow up Question 30 of 75 Which of the following distributions from a Coverdell Education Savings Account (ESA) is most likely to be taxa O A distribution that is a return of investment, used to pay qualifying education O A distribution...
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