Rental Income and
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Income statement: The income statement determines the net income of the business by subtracting the total expenses from the total revenue. There is a net loss in case the total expenses are more than the total revenue.
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- Problem 6-48 (LO. 3) During the year (not a leap year), Anna rented her vacation home for 30 days, used it personally for 20 days, and left it vacant for 315 days. She had the following income and expenses: Rent income $7,000 Expenses Real estate taxes 2,500 Interest on mortgage 9,000 Utilities 2,400 Repairs 1,000 Roof replacement (a capital expenditure) 12,000 Depreciation 7,500 If an answer is zero, enter "0". Assume a 365-day year. In your computations round any fractions to four decimal places. Round your final answer to the nearest dollar. a. Compute Anna's net rent income or loss and the amounts she can itemize on her tax return, using the court's approach to allocating property taxes and interest. In the table below, if an expense is an itemized deduction select "Yes", otherwise select "No". Real property taxes Utilities Repairs Depreciation Roof replacement Mortgage interest Anna has itemize…Problem 6-46 (LO. 3) Piper owns a vacation cabin in the Tennessee mountains. Without considering the cabin, she has gross income of $65,000. During the year, she rents the cabin for two weeks for $2,500 and uses it herself for four weeks. The total expenses for the year are $10,000 mortgage interest; $1,500 property tax; $2,000 utilities, insurance, and maintenance; and $3,200 depreciation. If an amount is zero, enter "0". a. What effect does the rental of the vacation cabin have on Piper's AGI? Piper reports rental income of $fill in the blank 24e4ed0ad044019_1 and rental expenses of $fill in the blank 24e4ed0ad044019_2 for AGI. b. What expenses can Piper deduct, and how are they classified (i.e., for or from AGI)? Note: Assume that she itemizes her deductions. a. Utilities $fill in the blank b9bf8ef99f9900f_1 b. Insurance $fill in the blank b9bf8ef99f9900f_3 c. Property Taxes $fill in the blank b9bf8ef99f9900f_5 d. Mortgage interest $fill…QUESTION 9 Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: $1,000 500 3,400 1,500 650 950 8,500 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo?
- Problem 8-34 (LO 8-1, 8-2) Kelvin owns and lives in a duplex. He rents the other unit for $790 per month. He incurs the following expenses during the current year for the entire property: Mortgage interest Property taxes Utilities Fixed light fixture in rental unit Fixed dishwasher in personal unit Painted entire exterior Insurance Depreciation (entire structure) Income Mortgage interest Property taxes Utilities Required: How are the above income and expenses reported on Kelvin's tax return? Note: Enter Schedule E expense as a negative number. Fix light (rental) Fix dishwasher Paint exterior Insurance Depreciation Personal 790 290 Schedule A $ 7,700 2,160 1,780 115 290 $ 1,190 2,300 6,800 Schedule E 0 $ 0Question 7. Mario, who is single and elects to itemize, rents his mountain house for 210 days and uses it for personal use for 25 days during the year, not a leap year. Income and expenses associated with the property are: Rental income Mortgage interest payments Property tax payments Depreciation Utility payments Maintenance payments $ 24,000 12,000 8,000 7,000 5,000 4,000 If Mario is allowed a choice, Mario would choose to use the court approach to allocating mortgage interest and property taxes. Determine the amount of expense that Mario would deduct from AGI on his current year tax return associated with the mountain house. a) $32, 493 b) $8, 493 c) $851 d) $24,000 e) $2, 128Accounting "Gabriella bought a house for $997,000 and paid $179,000 as a down payment. If the interest rate is 10.2% for 15 years, what is the total cost of the house?
- During the year, Rita rented her vacation home for twelve days for $2,400 and she used it personally for three months. The following expenses were incurred on the home: Property taxes $ 2, 200 Mortgage interest 10, 800 Utilities and maintenance 1,900 Depreciation 5, 000 Insurance 900 Calculate the gross income recognized from the rental property a. $0 b. $780 c. $1,300 d. $2,400- Bonnie deposits $80.00 into a new savings account. - The amount earns 4.5% simple interest per year. No money is added or removed from the savings account for 3 years. What is the total amount of money in her savings account at the end of the 3 years? A. $83.60 B. S3.60 C. $91.29 D. $90.80Problem 8-34 (LO 8-1, 8-2) Kelvin owns and lives in a duplex. He rents the other unit for $750 per month. He incurs the following expenses during the current year for the entire property: Mortgage interest Property taxes Utilities Fixed light fixture in rental unit Fixed dishwasher in personal unit Painted entire exterior Insurance Depreciation (entire structure) Income Mortgage interest Property taxes Utilities Fix light (rental) Fix dishwasher Paint exterior Required: How are the above income and expenses reported on Kelvin's tax return? Note: Enter Schedule E expense as a negative number. Insurance Depreciation Personal Schedule A $ 7,500 2,000 1,500 $ 100 250 1,300 1,800 7,000 Schedule E 0 $ 0
- 4. Gabriel Godwin purchases a tiny home for his elderly mother. After a large down payment, he finances $88,600 at 5% for 10 years. Prepare a repayment schedule for the first two payments. This should be in a table Payment Number Total Payment Interest Payment Principal Payment Remaining Balance6. 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 expenses7. Donita makes weekly mortgage payments of $584 and monthly property tax payments of $208.34. a) Calculate Donita's total monthly housing costs. b) Calculate Donita's total housing costs. (d) 2K