Homework Answers
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When personal residence is converted to rental property, as per IRS, basis for depreciation is lower of basis or FMV at the conversion date. So the basis for depreciation here = 95,000 - Land 12,000 = 83,000 Option A is the answer |
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Question 16 of 30. Bea conver converted her personal residence to rental property in 2018. She...
Michelle converted her personal residence to rental property in 2017. She purchased the property in 2013...
Michelle converted her personal residence to rental property in 2017. She purchased the property in 2013 for $110,000, of which $10,000 was allocable to the land. Unfortunately, property values in her neighborhood have declined over the past few years. On the date of conversion, the fair market value of the property was $98,000; $10,000 was allocated to the land. Michelle's basis for depreciation in the property is: Personal property that has no intrinsic value is called __________. Quinton's modified adjusted...
Question 15 of 30. Trey converted his personal residence to rental property in 2018. He purchased...
Question 15 of 30. Trey converted his personal residence to rental property in 2018. He purchased the property in 2013 for $100,000, of which $15,000 was allocable to the land. On the date of conversion, an appraisal valued the property at $150,000; $22,500 was allocated to the land. Trey's basis for depreciation is: O $85,000 O $100,000 O $127,500 O $150,000
Janet purchased her personal residence in 2008 for $250,000. In January 2018, she converted it to...
Janet purchased her personal residence in 2008 for $250,000. In January 2018, she converted it to rental property. The fair market value at the time of conversion was $210,000. (Use Table 6A-6) Determine the amount of cost recovery that can be taken in 2018: Determine the amount of cost recovery that could be taken in 2018 if the fair market value of the property were $350,000:
his uncle purchased Longhorn stock for $31,200. Personal-Use Property Converted to Rental Property. Tally owns a...
his uncle purchased Longhorn stock for $31,200. Personal-Use Property Converted to Rental Property. Tally owns a house that she has been living in for eight years. She purchased the house for $245,000 and the FMV today is $200,000. She is moving into her friend's house and has decided to convert her resi- dence to rental property. Assume 20% of the property's value is allocated to land. a. What is the basis of the house for depreciation? b. If she claims...
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 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....
Janet purchased her personal residence in 2009 for $324,000. In January 2019, she converted it to...
Janet purchased her personal residence in 2009 for $324,000. In January 2019, she converted it to rental property. The fair market value at the time of conversion was $270,000. (Use Table 6A-6) Required: a. Determine the amount of cost recovery that can be taken in 2019. b. Determine the amount of cost recovery that could be taken in 2019 if the fair market value of the property were $416,000. (For all requirements, round your answers to 2 decimal places.) Amount...
Question 15 of 30. Trey converted his personal residence to rental property in 2018. He purchased the property in 2013 for $100,000, of which $15,000 was allocable to the land. On the date of conversion, an appraisal valued the property at $150,000; $22,500 was allocated to the land. Trey's basis for depreciation is: O $85,000 O $100,000 O $127,500 O $150,000
his uncle purchased Longhorn stock for $31,200. Personal-Use Property Converted to Rental Property. Tally owns a house that she has been living in for eight years. She purchased the house for $245,000 and the FMV today is $200,000. She is moving into her friend's house and has decided to convert her resi- dence to rental property. Assume 20% of the property's value is allocated to land. a. What is the basis of the house for depreciation? b. If she claims...
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 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....
Janet purchased her personal residence in 2009 for $324,000. In January 2019, she converted it to rental property. The fair market value at the time of conversion was $270,000. (Use Table 6A-6) Required: a. Determine the amount of cost recovery that can be taken in 2019. b. Determine the amount of cost recovery that could be taken in 2019 if the fair market value of the property were $416,000. (For all requirements, round your answers to 2 decimal places.) Amount...
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