Knowing the 14 day personal use on rental property rule, your client has the following days that she is concerned about. How many days personal use do you calculate? 10 days of vacation at the rental property for her and her spouse 9 days of her and her spouse working on the property to make repairs. Her brother used the property for 7 days (but paid full rental to the rental company) Her sister used the property for 4 days but deadbeat her on the rent she rented to strangers for 140 days a. 10 days b. 14 days O c. 23 days O d. 17 days O e. 26 days O f. 21 days O g. 30 days Oh. 19 days

Knowing the 14 day personal use on rental property rule, your client has the following days that she is concerned about. How many days personal use do you calculate? 10 days of vacation at the rental property for her and her spouse 9 days of her and her spouse working on the property to make repairs. Her brother used the property for 7 days (but paid full rental to the rental company) Her sister used the property for 4 days but deadbeat her on the rent she rented to strangers for 140 days a. 10 days b. 14 days O c. 23 days O d. 17 days O e. 26 days O f. 21 days O g. 30 days Oh. 19 days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. a) What amount of these costs can Melissa deduct as business expenses? b) Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,000 for transportation, $800 for lodging, and $450 for meals during this part of her trip, which she considers personal in nature. What amount of these costs can Melissa deduct as business expenses? c) Suppose that Melissa made the trip to San Francisco primarily to visit the national parks and only attended the business conference as an incidental benefit of being present on the coast at that time. What amount of the airfare can Melissa deduct as a business expense? d) Suppose…
provide answer
Saved Dillon rented out his home for 9 days during the year for $6,400. He resided in the home for the remainder of the year. Expenses associated with use of the home for the entire year were as follows: $ 3,150 Real property taxes Mortgage interest 12,375 Repairs 1,375 Insurance 1,570 Utilities 5,280 Depreciation 12,800 Dillon's AGI is $134,436 before considering the effect of the rental activity. His AGI after considering the tax effect of the rental use of his home is $
Sarah borrows some money to buy a new car. The car dealership allows her to defer payments for 12 months, and Sarah makes 60 end-of month payments thereafter. If the original loan is $29140 and interest is 0.75% per month, how much will Sarah's monthly payment be? 4 O $1326 O $796 O $530 O$663 O $1193
Morgan lives alone and needs to move to start a new job. She drives 400 kilometrescloser to her new place of employment. The drive takes her 1 day. She pays forhotels for 10 days in her new city while waiting for her apartment to be availablewhich costs $100 per day ($1,000 total). She pays a mover $1,200 to move herfurniture. What is the maximum deduction Morgan can takè for moving expenses,assuming she has sufficient income in the new location?
! Required information [The following information applies to the questions displayed below.] Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows: $ 3,100 12,000 1,500 1,500 3,900 13,000 Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation a. What effect does the rental have on Dillon's AGI? Effect of rental activity on Dillon's AGI
Beth and Bob are scheduled to close on the purchase of a new home soon. They were surprised by how much the total closing costs turned out to be, particularly the amount they have to pay to an escrow account. These funds are for A : the home inspection and estimated repairs. B : prepayment of homeowner’s insurance and property taxes. C : payment of the attorneys and real estate agents. D : payment for the lender’s origination fee.
Sally purchased a home in Georgia for $167,500. She took out a mortgage for 80% of the purchase price at a 7.75% interest rate and put up a 20% down payment. The sale closed on March 16. What is the total dollar amount of the prepaid interest? Select one: a. $452.08 b. $461.55 C. $455.23 d. $576.94
Deja owns a photo printing business and wants to purchase a new state-of-the-art photo printer that she found online for $9,275, plus sales tax of 5.5%. The supply company is offering cash terms of 2/15, n/30, with a 1.5% service charge on late payments, or 90 days same as cash financing if Deja is approved for a company line of credit. If she is unable to pay within 90 days under the second option, she would have to pay 22.9% annual simple interest for the first 90 days, plus 2% simple interest per month on the unpaid balance after 90 days. Deja has an excellent credit rating but is unsure of what to do. a) If Deja took the cash option and was able to pay off the printer within the 15-day discount period, how much would she save? How much would she owe? b) If Deja takes the 90 days same as cash option and purchases the printer on December 30 to get a current-year tax deduction, using exact time, what is her deadline for paying no interest in a non-leap year? In a leap year?
Anthony planned to buy a house but could afford to pay only $9,000 at the end of every 6 months for a mortgage with an interest rate of 5.70% compounded semi-annually for 25 years. She paid $30,000 as a down payment. a. What was the maximum amount she could afford to pay for a house? b. What was her total amount spent for the house through the mortgage period including the down payment (not taking the time-value of money into account)? c. What was the total amount of interest paid through the mortgage period?
Sally purchased a home in Georgia for $167,500. She took out a mortgage for 80% of the purchase price at a 7.75% interest rate and put up a 20% down payment. The sale closed on March 16. What is the total dollar amount of the prepaid interest? Select one: a. $452.08 b. $461.55 C. $455.23 d. $576.94
Assume you are looking to share an apartment with another person, Joe. The rent for a 2-bedroom/2 bath apartment is $1,000 per month. Joe wants to split the rent 50/50. Prior to agreeing to this, you find out the following information: Joe’s bedroom is 20’ x 24’ or 480 square feet with an on suite bath. Your bedroom is 12’ x 10’ or 120 square feet and the bath will be used by visitors too. You think that the rent should be allocated between you and Joe based upon the relative square feet of your rooms. 2. Using your method of allocating rental costs based upon the square feet of your rooms, how much rent will each of you pay?