Question

Several years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time. During the current year Junior: Personally stayed in the home for 31 days Rented it to his favorite brother at a discount for 31 days. Rented it to his least favorite brother for thirteen days at the full market rate Rented it to his friend at a discounted rate for seven days. Rented the home to third parties for 66 days at the market rate. Did repair and maintenance work on the home for two days. Marketed the property and made it available for rent 137 days (but not actually rented out), during the year (in addition to the days mentioned above). How many days of personal use and how many days of rental use did Junior experience on the property during the year? Days of personal use Days of rental use

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
Several years ago, Junior acquired a home that he vacationed in part of the time and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • tax year 2015 Several years ago, Junior acquired a home that he vacationed in part of...

    tax year 2015 Several years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time. During the current year Junior:    • Personally stayed in the home for 29 days. • Rented it to his favorite brother at a discount for 35 days. • Rented it to his least favorite brother for nine days at the full market rate. • Rented it to his friend at a discounted rate for...

  • Keisha (50 years of age) is considering whether to participate in her company's Roth 401(k) or tr...

    Keisha (50 years of age) is considering whether to participate in her company's Roth 401(k) or traditional 401(k). This year, she plans to invest either $4,000 in a Roth 401(k) or $5,000 in a traditional 401(k). Keisha plans on leaving the contribution in the retirement account for 20 years when she will receive a distribution of the entire balance in the account. Her employer does not have a matching program for employee contributions to retirement accounts. Assume Keisha can earn...

  • Considered a home, it must juma party no more than the greater of 182 days or...

    Considered a home, it must juma party no more than the greater of 182 days or 50% Rented out for the lesser of 30 days or 10% of the total number of Used for personal purposes during the tax year for more than the Rented to a third party at fair rental value for 15 days or more the days used personally. the property is rented at fair rental value. terol 14 days or 10% of the total number 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 $ 3,900 Mortgage interest 10,700 Property taxes 3,000 Repairs & maintenance 1,000 Utilities 4,900 Depreciation 15,700 During the year, Alexa rented out the condo for 137 days. She did not use the condo at all for personal purposes during the year. Alexa’s AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has...

  • 12-25 Vacation Home Rental. S owns a condominium in Florida, which he and his family use...

    12-25 Vacation Home Rental. S owns a condominium in Florida, which he and his family use occasionally. During the year, he used the condominium for 20 days and rented it for 40 days. The remainder of the year, the condominium was vacant. S compiled the following information related to the condominium for the entire year: $1,000 Rental income .... Expenses Interest on mortgage ........ Maintenance .... Depreciation M aintenance ...................................... .......... 3,650 900 6,000 a. Compute the tax effect of...

  • Question 38 of 75. Which of the following does NOT describe a day of personal use?...

    Question 38 of 75. Which of the following does NOT describe a day of personal use? The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying $600 a month rent. The property...

  • Question 38 of 75. Which of the following does NOT describe a day of personal use? The property owner rented his ho...

    Question 38 of 75. Which of the following does NOT describe a day of personal use? The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying $600 a month rent. The property...

  • OMark for follow up Question 48 of 75. Which of the following does NOT describe a...

    OMark for follow up Question 48 of 75. Which of the following does NOT describe a day of personal use? O The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. O The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying...

  • (The following information applies to the questions displayed below] Dillon rented his personal residence at Lake...

    (The following information applies to the questions displayed below] Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows: Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation 3,100 12,080 1,500 1,500 3,989 13.000 Book Print erences Problem 6-37 Part a...

  • 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT