tax accounting 4

Project Description:

problem 1: dick owns a house that he rents to college students. dick receives $750 per month rent and incurs the following expenses during the year:
real estate taxes - $1,250
mortgage interest – 1,500
insurance – 375
repairs – 562
association dues – 1,600
dick purchased the house in 1975 for $48,000. the house is fully depreciated. calculate dick’s net rental income for the year, assuming the house was rented for a full 12 months.
rental income –
expenses –
net rental income –
problem 2: sherry rents her vacation home for 6 months and lives in it for 6 months during the year. her gross rental income during the year is $4,000. total real estate taxes for the home are $950, and interest on the home mortgage is $3,000. annual utilities and maintenance expenses total $1,800, and depreciation expense is $4,500. calculate sherry’s net income or loss from the vacation home for this tax year.
problem 4: clifford johnson has a limited partnership investment and a rental condominium. clifford actively manages the rental condominium. during 2013, his share of the loss from the limited partnership was $12,000, and his loss from the rental condo was $16,000. assuming clifford’s modified adjusted gross income is $120,000 for 2013, and he has no prior year unallowed losses from either activity, complete form 8582.
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