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.
Homework Answers
Ans:
c. Asan improvement, depreciated over 27 1/2 years is Correct Answer
Explanation:
As per the IRS rules in case of replacement of equipment the same shall be considered as an improvement and depreciated over 27 1/2 years.
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Rosa replaced a broken heating and air conditioning unit in one
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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.
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...
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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
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...
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Question 8 of 30. Helen purchased a rental house for $80,000 with land value of $15,000. Before making the house available for rent. Helen remodeled the bathroom. She installed a new vanity, fixtures, and flooring at a cost of $3.000. She also painted the existing walls and repaired the linen closet door at a cost of $550. How are these expenses reported? O $3,000 is capitalized and recovered through depreciation over 27 years, while $550 is deducted as a repair...
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.
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...
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 8 of 30. Helen purchased a rental house for $80,000 with land value of $15,000. Before making the house available for rent. Helen remodeled the bathroom. She installed a new vanity, fixtures, and flooring at a cost of $3.000. She also painted the existing walls and repaired the linen closet door at a cost of $550. How are these expenses reported? O $3,000 is capitalized and recovered through depreciation over 27 years, while $550 is deducted as a repair...
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