earnest saguenza owns
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earnest saguenza owns a rental house. the tenant paid him a $500 security deposit ( nto forfeited at year-end) when he moved into the house in february. the tenant paid a total of $4,000 for rent during the year. In addition, the tenant paid the $ 400 insurance premium for the year for the house. How much rental income does earnest have from the rental house?
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- Hassad owns a rental house on Lake Tahoe. He uses a real estate firm to screen prospective renters, but he makes the final decision on all rentals. He also is responsible for setting the weekly rental price of the house. During the current year, the house rents for 1,500 per week. Hassad pays a commission of 150 and a cleaning fee of 75 for each week the property is rented. During the current year, he incurs the following additional expenses related to the property: a. What is the proper tax treatment if Hassad rents the house for only 1 week (7 days) and uses it 50 days for personal purposes? b. What is the proper tax treatment if Hassad rents the house for 8 weeks (56 days) and uses it 44 days for personal purposes? c. What is the proper tax treatment if Hassad rents the house for 25 weeks (175 days) and uses it 15 days for personal purposes?Joy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.Sally 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?
- 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 14,700 2,300 2,175 4,300 7,100 1,140 Repairs and maintenance 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. Rental income Real estate taxes Utilities Mortgage interest Repairs and maintenance Depreciation Net rental income Schedule E Schedule AAlexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Mortgage interest Property taxes $7,925 2,760 Insurance 2,950 TULE Repairs & maintenance 1,875 Utilities 4,400 16,875 Depreciation Ce During the year, Alexa rented out the condo for 100 days and received $23,800 in gross rental receipts. 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 $120,000. Alexa has no sources of passive income. (Leave no answer blank. Enter zero if applicable.) What effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. AGI 1.01 increases by decreases by no effectIn 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 11,400 Real estate taxes 1,200 Utilities 1,350 Mortgage interest 3,200 Depreciation 6,000 Repairs and maintenance 810 equired: 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.
- 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 15,000 Real estate taxes 2,400 Utilities 2,250 Mortgage interest 4,400 Depreciation 7,300 Repairs and maintenance 1,170 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. Rental income Real estate taxes Utilities Mortgage interest Repairs and maintenance Depreciation Net rental incomeIn 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 15,000 Real estate taxes 2,400 Utilities 2,250 Mortgage interest 4,400 Depreciation 7,300 Repairs and maintenance 1,170 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.Lori owns a vacation home that she rents out for about three months each year. Her deduction for expenses allocable to the rental periods is limited to her gross rental income less any home mortgage interest or property taxes allocable to the rental period. T or F?
- Dominic owns a property in Sai Kung which was let under the following terms: I. Term: 1 January 2020 to 31 December 2020. II. Rental deposit: $16,000. III. Monthly rent: $8,000. IV. Rates: $1,000 per quarter payable by the tenant. V. Management fee: $800 per month payable by the tenant. The tenant paid rent on schedule only up to June 2020, but he continued to live in the property until December 2020. Dominic repossessed the property and applied the rental deposit against the outstanding rent. The property was let again in February 2021 at a monthly rent of $3,000. What is the net assessable value of the property for the year of assessment 2020/21?Saved Dillon rented out his home for 9 days during the year for $6,400. He resided in the home for the remainder of the year. Expenses associated with use of the home for the entire year were as follows: $ 3,150 Real property taxes Mortgage interest 12,375 Repairs 1,375 Insurance 1,570 Utilities 5,280 Depreciation 12,800 Dillon's AGI is $134,436 before considering the effect of the rental activity. His AGI after considering the tax effect of the rental use of his home is $Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Mortgage interest Property taxes Insurance Repairs & maintenance Utilities Depreciation $ 7,925 2,760 2,950 1,875 4,400 16,875 During the year, Alexa rented out the condo for 100 days and received $23,800 in gross rental receipts. 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 $120,000. Alexa has no sources of passive income. (Leave no answer blank. Enter zero if applicable.) What effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. AGI
