Homework Answers
Let us analyse all the statements provided in the question one by one
- $5,000 is included in gross income : FALSE : As per the relevant provisions, the beach house is used as residential property (because the Groves personally used the beach house for 4 months that satisfies the condition to be classified as residential property) and if a residential property is rented for a period fewer than 15 days, the rental income is not required to be reported.
- Mortgage interest paid on the beach house are deductible : TRUE : The mortgage interest and not the mortgage amount paid for the personal residence is deductible from the income.
- All repairs on the beach house are deductible : TRUE : The beach house qualifies as personal residence and hence all the repair expenses are deductible from the income.
- Depreciation expense on the beach house is deductible : TRUE : The depreciation is deductible on the second personal residential property. Hence depreciation will be deductible.
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34. The Groves own a beach house as a second home. This year, the Groves used...
explain pls! 3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 day...
explain pls!
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss was sustained as follow Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes (...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the cur...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss was sustained as follows: Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes ( 7,000) Rental...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss ental and personal use, it was determined that a loss was sustained as follows: Gross Rental Income (60 x $200/day)...
Matt and Marie own a vacation home at the beach. During the year, they rented the...
Matt and Marie own a vacation home at the beach. During the year, they rented the house for 42 days (6 weeks) at $890 per week and used it for personal use for 58 days. The total costs of maintaining the home are as follows: Mortgage interest $4,200 Property taxes 700 Insurance 1,200 Utilities 3,200 Repairs 1,900 Depreciation 5,500 What is the proper tax treatment of this information on their tax return using the Tax Court method? Are there options...
b. $17,000 33. The Griffins own a mountain cabin that is used for both personal and...
b. $17,000 33. The Griffins own a mountain cabin that is used for both personal and rental pur- poses. In the current year, the Griffins rented the cabin out for 150 days and used it personally for 50 days. Assume that the Griffins itemize their deductions. Which of the following statements regarding the treatment of the mountain cabin on the Griffin's tax return is true? a. 100% of the utilities for the mountain cabin for the entire year are deductible....
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $1,00...
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. what is the total amount of itemized deductions for mortgage interest and real...
This is for year 2018. Please show the steps. Thank you!! LO 8- 2 26. Sean...
This is for year 2018. Please show the steps. Thank
you!!
LO 8- 2 26. Sean and Jenny own a home in Boulder City, Nevada, near Lake Mead. During the year, they rented the house for 40 days for $3,000 and used it for personal use for 18 days. The house remained vacant for the remainder of the year. The expenses for the house included $14,000 in mortgage interest, $3,500 in property taxes, $1,100 in utilities, $1,300 in main- tenance,...
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses...
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 1,050 Advertising expense 965 Mortgage interest 5,800 Property taxes 1,080 Repairs & maintenance 1,130 Utilities 550 Depreciation 8,700 During the year, Natalie rented out the condo for 94 days, receiving $22,500 of gross income. She personally used the condo for 50 days during her vacation. Assume Natalie uses the Tax Court method of allocating expenses to rental...
Careen owns a condominium near Newport Beach in California. This year, she incurs the following expenses in connect...
Careen owns a condominium near Newport Beach in California. This year, she incurs the following expenses in connection with her condo: 8 01:14.00 $1,500 8,500 4.000 Insurance Mortgage interest Property taxes Repairs and maintenance Utilities Depreciation 950 1,900 5,500 During the year, Careen rented the condo for 90 days, receiving $20,000 of gross income. She personally used the condo for 50 days. Assume Careen uses the IRS method of allocating expenses to rental use of the property. What is Careen's...
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...
explain pls!
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss was sustained as follow Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes (...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss was sustained as follows: Gross Rental Income (60 x $200/day) $12,000 Rental Mortgage Interest & Property Taxes ( 7,000) Rental...
3. Mitch and Carol own a beach house in Galveston. The house was rented to unrelated parties for 60 days during the current year. Mitch and Carol used the house 40 days for their personal vacations. The rest of the time it lay idle. After properly dividing the expenses between rental and personal use, it was determined that a loss ental and personal use, it was determined that a loss was sustained as follows: Gross Rental Income (60 x $200/day)...
b. $17,000 33. The Griffins own a mountain cabin that is used for both personal and rental pur- poses. In the current year, the Griffins rented the cabin out for 150 days and used it personally for 50 days. Assume that the Griffins itemize their deductions. Which of the following statements regarding the treatment of the mountain cabin on the Griffin's tax return is true? a. 100% of the utilities for the mountain cabin for the entire year are deductible....
This is for year 2018. Please show the steps. Thank
you!!
LO 8- 2 26. Sean and Jenny own a home in Boulder City, Nevada, near Lake Mead. During the year, they rented the house for 40 days for $3,000 and used it for personal use for 18 days. The house remained vacant for the remainder of the year. The expenses for the house included $14,000 in mortgage interest, $3,500 in property taxes, $1,100 in utilities, $1,300 in main- tenance,...
Careen owns a condominium near Newport Beach in California. This year, she incurs the following expenses in connection with her condo: 8 01:14.00 $1,500 8,500 4.000 Insurance Mortgage interest Property taxes Repairs and maintenance Utilities Depreciation 950 1,900 5,500 During the year, Careen rented the condo for 90 days, receiving $20,000 of gross income. She personally used the condo for 50 days. Assume Careen uses the IRS method of allocating expenses to rental use of the property. What is Careen's...
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