Homework Answers
Answer-B
all expenses allocated a a percentage of renal-use to total days used
The IRS method uses the ration of days rented divided by the total days used
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Question 47 of 75. What is the IRS method of allocating expenses between rental use and...
Terry bought a vacation rental on January 30th. He lived in it for 60 days and rented it at fair market rental value for 120 days. Using the IRS method for allocating vacation home expenses, what is Terry's rental use percentage?
Terry bought a vacation rental on January 30th. He lived in it for 60 days and rented it at fair market rental value for 120 days. Using the IRS method for allocating vacation home expenses, what is Terry's rental use percentage?
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 50 of 75 Tyler purchased a rental house in May 2011 for $135,000, of which...
Question 50 of 75 Tyler purchased a rental house in May 2011 for $135,000, of which $35,000 was attributed to the land. Tyler sold the renta house in August 2017. How much will he deduct for depreciation in 2017? 1O $1.364 $2,273 $2,425 $3,636 Mark for follow up « Back Save / Return Later Summary Next »
Question 72 of 75. Mona owns a rental house that she has rented to various tenants...
Question 72 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....
Question 47 of 75. In the disposition of a part rental/part personal-use property, under what circumstances...
Question 47 of 75. In the disposition of a part rental/part personal-use property, under what circumstances would a taxpayer NOT need to allocate gain between the rental and personal part of the property? The disposition is part of a nontaxable exchange. The disposition 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
44. Robyn rents her beach house for 60 days and uses it for personal use for...
44. Robyn rents her beach house for 60 days and uses it for personal use for 30 days during the year. The rental income is $6,000 and the expenses are as follows: Mortgage interest Real estate taxes $9,000 3,000 Utilities 2,000 Maintenance 1,000 500 Insurance Depreciation (rental part) 4,000 Using the IRS approach, total expenses that Robyn can deduct on her tax return associated with the beach house are a. S0. b. $6,000. c. $8,000. d. $12,000. e. None of...
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....
Federal Income Tax Accounting Under Sec. 280A, how are expenses allocated to the rental use of...
Federal Income Tax Accounting
Under Sec. 280A, how are expenses allocated to the rental use
of a vacation home? In what order must the expenses be deducted
against the gross income of the property?
Under Sec. 280A, how are expenses allocated to the rental use
of a vacation home?
In what order must the expenses be deducted against the gross
income of the property?
O A. The following formula is used to allocate all expenses except for qualified residential interest...
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $1,000 Advertising expense 500 Mortgage interest 3,600 Prop...
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $1,000 Advertising expense 500 Mortgage interest 3,600 Property taxes 900 Repairs & maintenance 650 Utilities 950 Depreciation 8,500 During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Assume Natalie uses the IRS method of allocating expenses to rental use of...
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses...
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 3,400 Mortgage interest 7,500 Property taxes 4,600 Repairs and maintenance 830 Utilities 4,500 Depreciation 22,200 During the year, Alexa rented out the condo for 115 days. Alexa’s AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume there are 365 days in the year. Assume...
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 50 of 75 Tyler purchased a rental house in May 2011 for $135,000, of which $35,000 was attributed to the land. Tyler sold the renta house in August 2017. How much will he deduct for depreciation in 2017? 1O $1.364 $2,273 $2,425 $3,636 Mark for follow up « Back Save / Return Later Summary Next »
Question 72 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....
Question 47 of 75. In the disposition of a part rental/part personal-use property, under what circumstances would a taxpayer NOT need to allocate gain between the rental and personal part of the property? The disposition is part of a nontaxable exchange. The disposition 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
44. Robyn rents her beach house for 60 days and uses it for personal use for 30 days during the year. The rental income is $6,000 and the expenses are as follows: Mortgage interest Real estate taxes $9,000 3,000 Utilities 2,000 Maintenance 1,000 500 Insurance Depreciation (rental part) 4,000 Using the IRS approach, total expenses that Robyn can deduct on her tax return associated with the beach house are a. S0. b. $6,000. c. $8,000. d. $12,000. e. None of...
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....
Federal Income Tax Accounting
Under Sec. 280A, how are expenses allocated to the rental use
of a vacation home? In what order must the expenses be deducted
against the gross income of the property?
Under Sec. 280A, how are expenses allocated to the rental use
of a vacation home?
In what order must the expenses be deducted against the gross
income of the property?
O A. The following formula is used to allocate all expenses except for qualified residential interest...
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