Lauren owns a condominium. In each of the following alternative situations, determine whether the condominium should be treated as a residence or a nonresidence for tax purposes. Lauren lives in the condo for 11 days and rents it out for 16 days. O Residence O Nonresidence

Lauren owns a condominium. In each of the following alternative situations, determine whether the condominium should be treated as a residence or a nonresidence for tax purposes. Lauren lives in the condo for 11 days and rents it out for 16 days. O Residence O Nonresidence

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 1BCRQ

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! Required Information The following information applies to the questions displayed below.] Lauren owns a condominium. In each of the following alternative situations, determine whether the condominium should be treated as a residence or a nonresidence for tax purposes. a. Lauren lives in the condo for 21 days and rents it out for 16 days. O Residence O Nonresidence
Required information [The following information applies to the questions displayed below.] Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,680 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,400 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,000 for the…
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! Required information [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,050 7,450 4,200 650 4,650 23,700 During the year, Alexa rented out the condo for 137 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 that in addition to renting the condo for 137 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $47,750 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo and that her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the…
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Required information [The following information applies to the questions displayed below.] Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year. She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income for 2023. a. Shauna paid $4,704 for medical expenses for care from a broken ankle in October. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,460 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,060 for the…