Denise's AGI is $145,000 before considering her single rental property. During the year, Denise had a rental loss of $13,000. What is Denise's AGI after considering the rental loss?
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Denise's AGI is $145,000 before considering her single rental property. During the year, Denise had a rental loss of $13,000. What is Denise's AGI after considering the rental loss?
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- Hello, Can you help me with the below question? Three years ago, Louise bought a rental house for $450,000. Last year, she built a small addition for $50,000. In 2021, she decides to sell the house. She has taken depreciation of $21,000. What is Louise's adjusted basis? a.$450,000 b.$429,000 c.$500,000 d.$479,000Sydney qualifies for the home office deduction. Her office is 240 square feet and her entire home is 3,000 square feet. She earned a net profit of $2,500 from her business before deducting any home office expenses. During the year, she paid $9,600 of mortgage interest, $1,200 of property taxes, $800 for homeowner's insurance, and $2,400 for utilities. The home was purchased 5 years ago for $180,000 (excluding the cost of the land) and has been used as a home office every year since purchase. Sydney chooses the actual expense method for computing her home office deduction. What is the amount of her home office deduction for the year? (MACRSNepreciation % is 2.564%) O $1,644 O $5.735 O $1.489 O $2,500 O $1,120Brad sold a rental house that he owned for $247,000. Brad bought the rental house five years ago for $228,000 and has claimed $48,500 of depreciation expense. What is the amount and character of Brad's gain or loss?
- Noah Yobs, who has $75,400 of AGI (solely from wages) before considering rental activities, has $67,860 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $37,700 of income. He has other passive activity income of $24,128.a. What amount of rental loss can Noah use to offset active or portfolio income in the current year?$b. Complete Noah's Form 1040 (page 1) for the current year. Use the minus sign to indicate a loss.1. Martha has a net capital loss of $17,000 and other ordinary taxable income of $45,000 for the current year. What is the amount of Martha's capital loss carryforward? a.$17,000 b.$0 c.$14,000 d.$10,000 e.None of these choices are correct. 2. Jerry bought his home 15 years ago for $60,000. Three years ago, Jerry married Debbie and she moved into the same house and has lived there since. If they sell Jerry's house in the current year for $340,000, what is their taxable gain on a joint tax return? a.$0 b.$30,000 c.$155,000 d.$280,000 3. Which of the following is a capital asset? a.A literary work held by the author b.A taxpayer's principle residence c.Real estate held by a developer d.A truck used in a taxpayer's business e.None of these choices are correct.George and Almaida sold their property. The deposit was $40,000 and was paid to the real estate broker. The total commission was $34,400. Will George and Almaida get the difference back, and if yes, how?
- Christina had a $12,000 gain on the sale of stock purchased three years ago, a $4,000 loss on selling stock she had only owned for 3 months, a $5,000 loss on the sale of her personal use auto, and a $5,000 loss from the sale of land used in her business (owned for six years). Chris had no other property transactions this year. What will be the net effect of these transactions on Chris' tax return, in terms of gains and/or losses?Noah Yobs, who has $97,000 of AGI (solely from wages) before considering rental activities, has $87,300 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $48,500 of income. He has other passive activity income of $31,040. a. What amount of rental loss can Noah use to offset active or portfolio income in the current year? b. Compute Noah’s AGI on Form 1040 [pages 1 and 2; also complete Schedule 1 (Form 1040)] for the current year. Use the minus sign to indicate a loss. What amounts should go on lines 1, 6, & 7 on page 2 of FORM 1040? What amount s go on lines 17, & 22 on schedule one of FORM 1040?Luis sold a rental house he had owned for several years. He claimed $24,787 in depreciation over the years. He claimed the allowable depreciation each year except the first year he owned the house, when he could have claimed $1,342 but failed to do so. Luis must adjust his basis in the house by the amount of depreciation allowed or allowable. What is this amount? $1,342 $23,445 $24,787 $26,129
- Helena has the following long-term capital gains and losses for 2019: $94,000 28% gain, $75,200 28% loss, $42,300 25% gain, and $37,600 0%/15%/20% loss. She also has a $47,000 short-term loss and a $84,600 short-term gain. She has no other income. a. What is Helena’s AGI from these transactions? b. If she has a net long-term capital gain, what is its makeup in terms of the alternative tax rates?Helena has a net LTCG of ___________, all of which is 25% gain 37600 net STCG.In the current year, Erin had the following capital gains (losses) from the sale of her investments: $2,900 LTCG, $24,100 STCG, ($9,900) LTCL, and ($15,900) STCL. What is the amount and nature of Erin's capital gains and losses? Multiple Choice $1,200 net short-term capital gain. $1,200 net long-term capital loss. $3,100 net short-term capital gain. $3,100 net long-term capital loss. None of the choices are correct.lois bought a house in july 2009 for $200000 and moved in immediately. in july 2012, she rented it out as she was sent overseas ny her employer. at that time, the house was valued at $350000. she sold it in july of the current tax year for $360000. Calculate Bunny’s net capital gain/(loss) for the current tax year, indicating where appropriate which element of the cost base is applicable for each outlay. Support your answer with income tax legislation where necessary
