Raghu Purchased a house in 2021 to use as a rental. What is the spaces in the property if his expenses were as follows:
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J1.
Raghu Purchased a house in 2021 to use as a rental. What is the spaces in the property if his expenses were as follows:
$250,000 purchase price 30,000 which was a attributed to the land value
$2500 point paid on the mortgage
$250 legal fees
$175 title insurance
$1200 home owners insurance
$1500 previously due real estate tax
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- H1. 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.Raghu purchased a house in 2021 to use as a rental. What is his basis in the property if his expenses were as follows: $250,000 purchase price ($30,000 of which was attributed to the land value). $2,500 points paid on the mortgage. $250 legal fees. $175 title insurance. . . . . . . . $1,200 homeowner's insurance. $1,500 previously due real estate tax. $2,500 commissions. $222,925 $224,425 $228,125 $258,125Stephen purchased a rental property on 03 August 2020 and has rented the property from this date.He incurred the following expenses when purchasing the property –> $6,320 Lender’s Mortgage Insurance> $15,987 Stamp duty on transfer of the property> $1,500 Mortgage broker’s fee> $750 Conveyancing fees> $600 Bank loan establishment fee> $700 Stamp duty on the mortgageCalculate how much Stephen can claim in borrowing costs for the 2021 year and select the correct answer below. $1,766 $1,658 $1,311 $1,442 $1,879
- Margo and Bill file as MFJ. During the year, they paid the following: $6,500 Mortgage interest on main home (acquisition mortgage of $400,000) Credit card interest Auto loan interest Loan interest on an empty lot purchase to build a second home $ 400 $3,500 $2,500 What amount can they report as deductible mortgage interest? Answer:Determine the net income if Ofelia rented a property that was used as personal for 20 days and rented for 30 days using the tax court method. Rental income $3,500; Interest and Taxes $2,000; Depreciation $5,000; and Other expenses $1,000On September 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $197,400. Holly also owns another residential apartment building that she purchased on November 15, 2020, with a cost basis of $214,000. a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS. b. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS.
- 1 John and Mary had the following transactions for 2020. Calulate net capital gain/loss, how much to deduct in 2020 and any carryford to 2021 Short Term capital loss (8,000) Long term capital gain 24,000 Long term capital loss (30,000) 2 John purchased an office building in 2010 for $450,000. In 2020 he sells the building for $950.000. John's remaining mortgage on the building was $150,000. The buyer paid $650,000 and assumed the remainig debt on the building. John had taken $100,000 depreciation on the building. Calculate a -Adjusted basis in the building b- Any realized gain or loss on the buildingJanet 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 EH3. Grayson purchased his primary residence for $260,000. As part of the closing procedure, he paid $2,900 in loan origination fees, $750 to a lawyer to review the purchase contract and other closing papers, $250 for a property survey, and $1,200 for title insurance. He also gave the real estate agent a $100 gift certificate in appreciation for her hard work. What is Grayson's basis in the residence? Please show proper step by step calculation
- On March 8, 2019, Holly purchased a residential apartment building. The cost basis assigned to the building is $700,000. Holly also owns another residential apartment building that she purchased on October 15, 2019, with a cost basis of $400,000. Click here to access the depreciation tables. a. Calculate Holly's total depreciation deduction for the apartments for 2019 using MACRS.$fill in the blank 98b1bc044f93fcc_1 b. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS.Lyka provided the following data on sale of his personal property sold in 2018 held by him for 15 months: Jerry, married, with 2 minor choldren, had the following data: 2019 2020 Business income P 410.800 P 306,700 Cost P 225,000 Interest on time deposit 3,000 2,000 Mortgage assumed by the buyer with BPI 270,000 Short-term capital gain 290.500 10,000 Long-term capital gain 20.600 290,000 80,200 Installment Collection Schedule: Short-term capital loss 20,900 Long-term capital loss 80,400 2018 67,500 2019 67,500 How much is the taxable income of Jerry for 2020 45,000 year 2019? How much is the taxable income of Jerry for the year 2020? How much is the selling price? A resident corporation has the following data on income and expenses In 2020: Gross sales P 1,025.O00 Sales returns and allowances 10,000 Sales discounts 3,500 Interest incone on t ade notes receivable 15,000 Capital gain on asset helld for 2 years 50.000 Cost of sales 415.670 Operating expenses with vouchers and receipts…At the beginning of 2020, Emma owned two residential rental properties. During 2020 she sold Building 1 and purchased a new building (Building 3). Details related to the properties are as follows: Total rent received 20,000 Total expenses paid to earn rental income, excluding CCA 12,000 Building #1 opening UCC 72,000 Building #2 opening UCC 180,000 Proceeds of disposition on building #1 on April 30, 2020 120,000 Original cost of building #1 80,000 Cost of new rental building purchased on May 1, 2020 (land excluded) 250,000 Required: Compute the minimum rental income for Emma in 2020. Show your work!
