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?
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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?
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- 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 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.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 $2,200, and interest on the home mortgage is $4,000. Annual utilities and maintenance expenses total $2,000, and depreciation expense is $4,500. Calculate Sherry’s deductible depreciation, the net income or loss from the vacation home, and the loss carryforward, if any. Base allocation on number of months, rather than days. If your answer value is zero, enter "0." Line Item Description Amount Amount Rental income 6000 Expenses: Real estate taxes 1100 Mortgage interest 2000 Utilities and maintenance 1000 Depreciation fill in the blank 5 fill in the blank 6 Net rental income $fill in the blank 7 Loss carried forward to 2024 $fill in the blank 8In 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 A
- During the year, Arianna rented her vacation home for 12 days for $3,400 and she used it personally for three months. The following expenses were incurred on the home: Property taxes $ 2,400 Mortgage interest 10,800 Utilities and maintenance 1,900 Depreciation 5,000 Insurance 900 Please calculate her net rental gain or loss and itemized deductions.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 expenses is $4,500. Calculate Sherry's net income (or loss) from the vacation home for this tax year. Rental Income: Expenses Real Estate taxes: Mortgage Interest: Utilities and maintenance: Depreciation: Net rental Income: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 income
- 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.Lester rents his vacation home for 6 months and lives in the home during the other 6 months of 2018. The grossrental income from the home is $4,500. For the entire year, real estate taxes are $800, interest is $3,000, utilitiesand maintenance expenses are $2,200, and depreciation expense on the entire home would be $4,000. What isLester's allowable net loss from renting his vacation home?a. $5,500 lossb. $3,000 lossc. $500 lossd. $250 losse. None of the above6. 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 expenses
- 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 7Denise's AGI is $145,000 before considering her single rental property. During the year, Denise had a rental loss of $13,000. What is Denise's AGI after considering the rental loss?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 $
