as rental a. In 2009, Tyler Tomey (548-55-9234) paid $135,000 for a condominium that he uses...

 

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as rental a. In 2009, Tyler Tomey (548-55-9234) paid $135,000 for a condominium that he uses property. In 2016, he spent $37,000 furnishing the condo. He uses regular (accelerated) MACRS to depreciate the furnishings. In 2016, Tyler deducted 50% of the cost of the furnishings as bonus depreciation. The half-year convention applies to the furnishings. During 2020, Tyler received $15,000 in rental income and paid the following expenses: Association dues Insurance Mortgage interest Real estate taxes Repairs Utilities $2,800 350 7,460 1,400 760 360 The property is located at 5505 West End Road, #5, Farmington, IN 46883. Tyler actively participates in the rental activity. His AGI before considering the above income and expenses is $141,400. He depreciates the condominium using MACRS. Prepare Schedule E and Form 8582 for Tyler Tomey. as rental a. In 2009, Tyler Tomey (548-55-9234) paid $135,000 for a condominium that he uses property. In 2016, he spent $37,000 furnishing the condo. He uses regular (accelerated) MACRS to depreciate the furnishings. In 2016, Tyler deducted 50% of the cost of the furnishings as bonus depreciation. The half-year convention applies to the furnishings. During 2020, Tyler received $15,000 in rental income and paid the following expenses: Association dues Insurance Mortgage interest Real estate taxes Repairs Utilities $2,800 350 7,460 1,400 760 360 The property is located at 5505 West End Road, #5, Farmington, IN 46883. Tyler actively participates in the rental activity. His AGI before considering the above income and expenses is $141,400. He depreciates the condominium using MACRS. Prepare Schedule E and Form 8582 for Tyler Tomey.