How much of this can he deduct from adjusted gross income and briefly explain the answer?
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A: The answer is stated below:
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A: Legend: R (red) - rented outP (blue) - personal Personal: 29+2+166= 197Rental use: 35+9+13+75= 132
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Umar has adjusted gross income of $28,000. During the year, Umar decided he needed a larger home. He purchased a home on a golf course in the same town as his first home. Umar incurred $7,500 in moving expenses. How much of this can he deduct from adjusted gross income and briefly explain the answer?
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- Tamar owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance : Utilities Depreciation $1,100 550 3,850 945 700 1,000 9,500 During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Problem 14-58 Parts a, b, c, d & e (Algo) Assume Tamar uses the IRS method of allocating expenses to rental use of the property. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo? b. What is the total amount of itemized deductions Tamar may deduct in the current year related to the condo? c. If Tamar's basis in the condo at the beginning of the…Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…After you determine the Amount Realized, Type and amount of Basis, and Gain or Loss of the following, explain what will be included in the Taxpayers income and why: Lois and Peter bought a home in Rhode Island when they got married in 1985 for 100,000. In December 2006 Peter got a job in Los Angeles to develop a cartoon sitcom. He and Lois moved out of their home and rented it out until 2009. From January 2009 through October 2009 there were no tenants, and Lois and Peter moved back in October 2009. April 2011 they listed their house for sale. They sold the house for 500,000.
- Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…Andrew and Rachel occasionally use an online rental platform to advertise and rent their personal residence when they travel out of town. they rented their home for a total of twelve days during the year. how do Andrew and Rachel report this rental income and any allocable expenses on their tax returnErin is the landlord of a single-family home, which she leased to Carlos in February 2022. Prior to moving in, Carlos paid $1,000 for the first month's rent and an additional $1,000 for the last month's rent (for a total of $2,000 advance rent). He then paid $10,000 in rent during the remainder of the tax year. What amount does Erin include in gross rental income for this property in 2022?
- Jim used the actual expense method of determining his Home Office deduction last year and was required to carry over expenses of $1500 how much of that carried over expense can he deduct this year when he uses a simplified method assuming he uses 10% of his home for business purposes?Lara uses the standard mileage method for determining auto expenses. During 2021, she used her car as follows: 9,000 miles for business, 2,000 miles for personal use, 2,500 miles for a move to a new job, 1,000 miles for charitable purposes, and 500 miles for medical visits. Presuming that all the mileage expenses are allowable (i.e., not subject to percentage limitations), what is Lara's deduction for: a. Business? ________ b. Charitable?_____________ c. Medical?_____________Jack and Kim were coworkers who fell in love and got married. They sold their principal residence in MD for the net amount of $1,000,000 after all selling expenses. Jack and L bought the house 9 years ago and occupied it until it was sold. On the date of sale, the house had a cost basis of $200,000. What amount of gain should Jack and Kim recognize from the sale of the residence? $1,000,000 $800,000 $300,000 $550,000
- DogNicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…Please help me. Thankyou.
