Business income, reported on Sched O Investment income, reported on Sche O Passive income, reported on Schedu O Other income, reported on Schedule
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- Sheena owns two rental houses. During the year, she was actively involved in managing the properties. The only services she probides are minor repairs and basic maintenance of the heating, cooling, electrical, aned plumbing systems. She is not a real estate professional. How should Shenna report the rent she received as payment for use of these properties? 1. Business income, reported on Schedule C. 2. Investment income, reported on Scheedule D. 3. Passive income, reported on Schedule F. 4. Other income, reported on Schedule 1.Jo and Larry own a small office building in Austin that they lease out. This year rental income from the office building was $120,000 and rental expenses were $80,000. On what Form 1040 schedule would Jo and Larry report their rental income and expenses? O Schedule E O Rental expenses are inherently personal and therefore not deductible. O Schedule CIn 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.
- Propien OUT 2) 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 Repairs and maintenance Rental income Real estate taxes Utilities Mortgage interest 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. Depreciation Net rental income IS Answer is not complete. Schedule E $ 15,600 15,600 2,600 2,400 4,600 (546) X (1,848) X (966) X (947) X 7,500 1,230 (5,775) 5,518 Schedule ARita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $6,060. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes Interest on home mortgage Operating expenses of home Depreciation $ 1,830 5,445 915 1,738 Also, assume that, not counting the sole proprietorship, Rita's AGI is $64,600. Assume Rita's consulting business generated $16,150 in gross income. (Leave no answer blank. Enter zero if applicable.) c. Given the original facts, what is Rita's AGI for the year?llene rents her second home. During the year, llene reported a net loss of $10,700 from the rental. If llene is an active participant in the rental and her AGI is $142,500, how much of the loss can she deduct against ordinary income in the year? Multiple Choice ___ $10,700. ___ $6,950. ___ $3,750. ___ $0
- Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,920. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes Interest on home mortgage Operating expenses of home Depreciation $ 1,760 5,340 880 1,696 Also, assume that, not counting the sole proprietorship, Rita's AGI IS $63,200. Rita Itemizes deductions, and her Itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $15,800 in gross income. Note: Leave no answer blank. Enter zero If applicable. Problem 14-64 Part b (Algo) b. What would Rita's home office deduction be…llene rents a property for the entire year. During the year, llene reported a net loss of $10,500 from the rental. If llene is an active participant in the rental and her AGI is $137,500, how much of the loss can she deduct against ordinary income in the year? Multiple Choice $10,500 $4,250 $6,250 $0Harvey rents his second home. During the year, Harvey reported a net loss of $46,500 from the rental. If Harvey is an active participant in the rental and his AGI is $83,200, how much of the loss can he deduct against ordinary income for the year? Multiple Choice ___ $46,500. ___ $25,000. ___ $10,750. ___ $0
- R ita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,800. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,700 Interest on home mortgage 5,250 Operating expenses of home 850 Depreciation 1,660 Also, assume that, not counting the sole proprietorship, Rita’s AGI is $62,000. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita’s consulting business generated $15,500 in gross income. What is Rita’s home office deduction for the current year? What would Rita’s home office…Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $6,060. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes Interest on home mortgage Operating expenses of home $ 1,830 5,445 915 1,738 Depreciation Also, assume that, not counting the sole proprietorship, Rita's AGI is $64,600. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $16,150 in gross income. (Leave no answer blank. Enter zero if applicable.) d. Given the original facts, what types and amounts of expenses will she carry…
