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 week and used it for personal use for 58 days. The total costs of maintaining the home are as follows: Mortgage interest Property taxes Insurance Utilities Repairs Depreciation Required: $ 4,540 870 1,455 3,455 1,985 5,840 a. 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 whole dollar value. Schedule E Income Mortgage interest $ 5,850 Schedule A 0 $ Property taxes Insurance Utilities EA 365 65 $ 4,540 870 + $ 611 $ 1,450 Repairs $ 835 0 Depreciation $ SA 2,457 0 Net income $ (1,776)
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 week and used it for personal use for 58 days. The total costs of maintaining the home are as follows: Mortgage interest Property taxes Insurance Utilities Repairs Depreciation Required: $ 4,540 870 1,455 3,455 1,985 5,840 a. 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 whole dollar value. Schedule E Income Mortgage interest $ 5,850 Schedule A 0 $ Property taxes Insurance Utilities EA 365 65 $ 4,540 870 + $ 611 $ 1,450 Repairs $ 835 0 Depreciation $ SA 2,457 0 Net income $ (1,776)
General Chemistry - Standalone book (MindTap Course List)
11th Edition
ISBN:9781305580343
Author:Steven D. Gammon, Ebbing, Darrell Ebbing, Steven D., Darrell; Gammon, Darrell Ebbing; Steven D. Gammon, Darrell D.; Gammon, Ebbing; Steven D. Gammon; Darrell
Publisher:Steven D. Gammon, Ebbing, Darrell Ebbing, Steven D., Darrell; Gammon, Darrell Ebbing; Steven D. Gammon, Darrell D.; Gammon, Ebbing; Steven D. Gammon; Darrell
Chapter6: Thermochemisty
Section: Chapter Questions
Problem 6.130QP
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