Anna rented her vacation home for 30 days, used it personally for 20 days, and left it vacant for 315. For each of the below revenues and expenses, indicate how it would be treated for tax purposes: Gross Income of $7,000: How much of the following can she deduct as rental expenses (round any percentages in your calculations to two decimal places)? Property Taxes of $2,500: Mortgage Interest of $9,000: Utilities of $2,400: What is Anna's net rental income/(loss) recognized: Assume she used the residence for 13 days instead of 20, what is her net rental income/(loss) using the above revenue and expenses: of Under this new scenario how much of the mortgage interest can Anna itemize?
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- 6. In the current year, Clara rented her apartment on AirBnb for 13 days. She received gross rental income of $3,100. Her expenses for the apartment are: - Operating expenses $4,000 - Depreciation $2,000 - Mortgage interest and Property taxes $4,000 - Utilities/repairs $2,000 Calculate the income and expenses reported for the rental activity. What will Clara report on her tax return for this rental activity? $3,100 income, $3,100 expenses $3,100 income, $0 expenses Clara will not report anything. $3,100 income; $12,000 expensesLast year Diana's annual income was $31,305. Use the following Income Tax relationship to calculate how much Diana paid last year in income tax. Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526 The file Income Tax Calculations can be opened and printed. Income Tax Calculations Annual Income: Total Amount of Income Tax: Maximum Total Maximum Amount of Income Within Each Bracket Amount of Actual Income Within Marginal Tax Maximum Amount of Tax Within Each Amount of Actual Maximum Total Income for Each Rate per Tax Within Each Bracket Amount of Tax Bracket Each Bracket $100 earned Within Each Bracket Bracket more than $37 tax more than $518,400 $153,225 no more than $311,050 $35 tax $105,857.50 no more than $518,400 $153,225 no more than $44,050 $32 tax $14,096 $207,350 no more than $47,367.50 no more than $77,775 $24 tax $18,666 $163,300 no more than $33,271.50 no more than $45,400 $22 tax $9,988 $85,525 no more than…Below is a graph of the Robinson's annual expenses. How much will the Robinsons pay in state/local taxes if their gross annual household income is S85,420? a.$3.559.17 b. $8,542.00 C. $20.500.80 d. $29,897.00
- Janet owns a home at the lake. She incurs the following expenses: Mortgage interest Property taxes Insurance Utilities $ 1,700 1,000 1,800 Repairs Depreciation Required: 2,100 400 4,400 What is the proper treatment of the rental income and expenses in each of the following cases? Use the Tax Court allocation method, if applicable. Note: Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value. Rental Personal-Use Days Case Income Days Rented A $ 10,000 45 10 B 13,000 55 25 CD 7,000 10 30 D 23,000 365 0 Income Mortgage interest Property taxes Insurance Utilities Repairs Depreciation Rental income Case A Case B Case C Case D Schedule E Schedule A/No Deduction Schedule E Schedule A/No Deduction Schedule ESally owns a rental house. Her house income is 1000 a month. The expenses for the year are as follows: mortgage interest 3600, property tax is 1545, property manager is 1200, insurance 400, cleaning and maintenance 600 repairs 55 and depreciation 2000. What is Sally's net income loss from the rental property?Use the following Total Tax / Annual Income relationship to determine which of the following is Beverly's total tax for last year if her income last was $155,000. What total income tax did Beverly pay in income tax. In the image.
- Calculate the two taxes, capital gains and income tax based in if Your Mother has been working for 15 years as a soldier and her wage income for a year is $92,895. She sold some mutual funds this year and had a capital gain of $50,000. Her total taxable income is $142,895.Suppose you made $98,296 of income from wages and $567 of taxable interest. You also made contributions of $4200 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 12900 and the exemption is 3400 per exemption. What is your Gross Income? Answer to the nearest dollar.The home of Bill Burton is assessed at $93,000. The tax rate is 18.7 mills. What is the tax on Bill's home? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Property tax
- Sherry rents her vacation home for 6 months and lives in it for 6 months during the year. Her gross rental income during the year is $6,000. Total real estate taxes for the home are $950, and interest on the home mortgage is $3,000. Annual utilities and maintenance expenses total $1,800, and depreciation expense is $4,500. Calculate Sherry's net income (or loss) from the vacation home for this tax year. Base allocation on number months, rather than days. Rental income $fill in the blank 1 Expenses: Real estate taxes $fill in the blank 2 Mortgage interest fill in the blank 3 Utilities and maintenance fill in the blank 4 Depreciation fill in the blank 5 fill in the blank 6 Net rental income (loss) $fill in the blank 7Dennis receives $11,100 during the current tax year from Blanca for some office space in Anaheim, California. The rent covers eight months, from August 1 of the current year to March 31 of the following year. The amount also includes a security deposit of $1,500. How much should Dennis report as rental income in the current tax year? a. $1,200. b. $6,000. c. $9,600. d. $11,100.In the current year, Sandra rented her vacation home for 75 days, used it for personal use for 22 days, and left it vacant for the remainder of the year. Her income and expenses before allocation are as follows: Rental income Real estate taxes Utilities Mortgage interest Depreciation Repairs and maintenance Rental income Real estate taxes Required: What is Sandra's net income or loss from the rental of her vacation home? Use the Tax Court method. Note: Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value. Utilities Mortgage interest Repairs and maintenance $ 15,000 2,000 1,500 3,800 Depreciation Net rental income, 7,200 1,300 Schedule E Schedule A