during the tax year 2023 ji min purchased a electric heat pump at a cost of 7,000 for her main home. she purchased her home in 2018 located in the USA. her tax liability is 2,575 , what is the amount of ji min energy efficient home improvement credit
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during the tax year 2023 ji min purchased a electric heat pump at a cost of 7,000 for her main home. she purchased her home in 2018 located in the USA. her tax liability is 2,575 , what is the amount of ji min energy efficient home improvement credit
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- ces Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance $580 545 Advertising expense Mortgage interest Property taxes 4,550 960 Repairs & maintenance Utilities 1,160 Depreciation 720 9,700 During the year, Tamar rented out the condo for 81 days, receiving $23,500 of gross income. She personally used the condo for 57 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions…During 2022, Mr. Richmond sold his two residences, in order to purchase a larger home in an expensive suburb. The following facts relate to these two residences: Date purchased Cost Sales Commission Paid Sale Proceeds City home 2013 $75,000 $20,000 $250,000 Cottage 2008 $18,500 $12,500 $200,000 Required: Determine Mr. Richmond’s net income for tax purposes as a result of the above information. Show all of your calculations.On 1 November 1992 Doug had a nice home in Sydney and so he acquired a second hand lounge room set of furniture for $11,000 He sold the lounge room set in September 2020 for $16,000. Required: Calculate the indexed cost base for Capital Gains Tax purposes rounded to the nearest dollar
- Jennifer installed a new enery-efficient tankless water heater in 2021 at a cost of $5,000. She replaced a similar unit in 2006 and claimed a nonbusiness energy property credit of $400 at that time. What is the amount of her nonbusiess energy property credit for 2021?Jamal purchased his home in 2019. In 2022, he installed energy efficient windows that meet the Energy Star most efficient certification requirements for a total cost of $1,600. He also installed exterior doors that meet the Energy Star requirements for a total cost of $2,100. His tax liability is $3,900. Jamal had a Residential Energy Property Credit in a previous year in the amount of $300. What is the amount of his Energy Efficient Home Improvement Credit? $200 $370 $500 $3,700Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance $ 1,380 690 4,830 1,071 840 Utilities Depreciation 1,140 12,300 During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the. condo for 35 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the IRS method of allocating expenses to rental use of the property. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo? b. What is the total amount of itemized deductions Tamar may deduct in the current year related to the condo? c. If Tamar's basis in the condo at the beginning of the year was $150,000, what is her basis in…
- In 2021, Luke spent $3,000 to replace the exterior windows of his main home with energy-efficient windows. The windows meet the Energy Star program requirements to qualify for the nonbusiness energy credit. This is the first year Luke has claimed this credit. What is the maximum credit amount he may claim? $200 $300 $500 $3,000H1. profile-image Carlos owns a property which he has rented. During 2021, the property generated $24,000 in rental income. Carlos incurred the following expenses related to rental operations: • Depreciation $5,000 • Real estate tax 2,000 Utilities (water and electricity) Maintenance 3,000 • Boat expenses which Carlos uses to 1,500 meet clients and sign contracts 5,500 Determine the net income from rental operations that Carlos will include in his individual income tax return. Submit your computations.Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance $ 1,000 500 3,500 900 650 Utilities Depreciation 950 8,500 During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions…
- Tax return 2020, how to compute rental home income. Judy’s mother, Sarah, died on July 2, 2018, leaving Judy her entire estate. Included in the estate was Sarah’s residence. Sarah’s basis in the residence was $30,000. The fair market value of the residence on July 2, 2018, was $155,000. The property was distributed to Judy on January 1, 2018. The Vances have held the property as a rental property and have managed it themselves and they started renting the house to the same tenant starting January 1, 2019. To compute depreciation on the house, the Vances had allocated $15,000 of the property’s basis to the land on which the house is located. The Vances collected rent of $1,000 a month during the months the house was rented during the year. They incurred the following related expenses during this period: Property insurance$500, Property taxes $800, Maintenance$465.Question 5 of 6. Each of the foliowing taxpayers purchased furniture online in September of 2022, and had it delivered to their forme. Which taxpayer has correctly calculated their use tax for 2022 ? Chandier lives in Crook County. Her furniture cost $2,221 and was delivered to her home. She calculates that she cwes $133 in use tax. Landon lives in Big Horn County and he had the fumiture delivered there. His cost was $869, and ne thinks his use tax is $19. Cirfford Irves in Niobrara County. His furniture cost $6,449 and was delivered to his home. He has determned his use tax is $258. Samantha, who lives in Laramie County, paid $4, 932 for her fumiture, which was delivered to her home, She behieves her use tax is $493. Mark for follow up16 Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of…