nik.2answer must be in table format or i will give down vote Alicia and Marie own a vacation home at the beach. During the year, they rented the house for 42 days (six weeks) at $975 per weekand used it for personal use for 58 days. The total costs of maintaining the home are as follows:Mortgage interestProperty taxesInsuranceUtilitiesRepairsDepreciationRequired:$ 4,5408701,4553,4551,9855,840a. What is the proper tax treatment of this information on their tax return using the Tax Court method?Note: Use 365 days in a year. Round your intermediate computations to 5 decimal places and final answers to nearest wholedollar value.Schedule EIncomeMortgage interest$5,850Schedule A0$Property taxesInsuranceUtilitiesEA36565$4,540870+$611$1,450Repairs$8350Depreciation$SA2,4570Net income$(1,776)

TotalBusinessPersonal Schedule ESchedule APARTICULARS CalculationAmountCalculationAmount Income…

Answered: Alicia and Marie own a vacation home at…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 6CPA

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The Touche family took out $243,000, 20-year mortgage at an APR of 4.24%. The assessed value of their home is $9,700 and the annual tax rate is 90% of assessed value. What is the annual property tax?
Hansaben
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In year 1, Abby purchased a new home for $200,000 by making a down payment of $150,000 and financing the remaining $50,000 with a loan, secured by the residence, at 6 percent. As of January 1, year 4 the outstanding balance on the loan was $40,000. On January 1, year 4, when her home was worth $300,000, Abby refinanced the home by taking out a $120,000 mortgage at 5 percent. With the loan proceeds, she paid off the $40,000 balance of the existing mortgage and used the remaining $80,000 for purposes unrelated to the home. During year 4, she made interest-only payments on the new loan of $6,000. What amount of the $6,000 interest expense on the new loan can Abby deduct in year 4 on the new mortgage as home-related interest expense?
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