SSeveral years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time. During the curreyear, Junior:Personally stayed in the home for 14 days.• Rented it to his favorite brother at a discount for 14 days.●• Rented it to his least-favorite brother for 17 days at the full market rate.• Rented it to his friend at a discounted rate for 9 days.• Rented the home to third parties for 79 days at the market rate.Did repair and maintenance work on the home for 2 days.• Marketed the property and made it available for rent for 221 days during the year (but did not rent it out).How many days of personal use and how many days of rental use did Junior experience on the property during the year?●Days of personal useDays of rental use

Computation of number of number of days for personal use Personal use = 14 days Rented to…

Answered: S Several years ago, Junior acquired a…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 16MCQ: John owns a second home in Palm Springs, CA. During the year, he rented the house for $5,000 for 56...

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Several years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time. During the current year, Junior: • Personally stayed in the home for 22 days. Rented it to his favorite brother at a discount for 10 days. ● . Rented it to his least-favorite brother for 8 days at the full market rate. • Rented it to his friend at a discounted rate for 4 days. . Rented the home to third parties for 58 days at the market rate. • Did repair and maintenance work on the home for 2 days. • Marketed the property and made it available for rent for 150 days during the year (but did not rent it out). How many days of personal use and how many days of rental use did Junior experience on the property during the year? Answer is complete but not entirely correct. Days of personal use Days of rental use 97 x 80 x
Several years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time. During the current year Junior: Personally stayed in the home for 29 days. Rented it to his favorite brother at a discount for 35 days. Rented it to his least favorite brother for 9 days at the full market rate. Rented it to his friend at a discounted rate for 13 days. Rented the home to third parties for 75 days at the market rate. Did repair and maintenance work on the home for 2 days. Marketed the property and made it available for rent 166 days (but not actually rented out), during the year (in addition to the days mentioned above). How many days of personal use and how many days of rental use did Junior experience on the property during the year? Days of personal use Days of rental use
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John owns a second home in Palm Springs, CA. During the year, he rented the house for $5,000 for 56 days and used the house for 14 days during the summer. The house remained vacant during the remainder of the year. The expenses for the home included $5,000 in mortgage interest, $850 in property taxes, $900 for utilities and maintenance, and $3,500 of depreciation. What is John's deductible rental loss, before considering the passive loss limitations? $200 $875 $2,500 $3,200 $0
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In the current year, Sandra rented her vacation home for 75 days, used it for personal use for 22 days, and left it vacant for the remainder of the year. Her income and expenses before allocation are as follows: Rental income 11,400 Real estate taxes 1,200 Utilities 1,350 Mortgage interest 3,200 Depreciation 6,000 Repairs and maintenance 810 equired: What is Sandra’s net income or loss from the rental of her vacation home? Use the Tax Court method. Note: Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value.

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