Corneasha owns a business that is relatively successful, and as a result she has invested her money into a TD Ameritrade account. For this quiz, you do not need to write a full memo. Instead, write a two-three paragraph discussion of what types of expenses Corneasha may deduct. Cite the appropriate code sections where applicable and be as thorough as possible. Here are the facts Corneasha has provided you: She owns and operates a real estate rental business. She purchases single family residences which she rehabs and then leases to tenants. She currently owns 5 properties each purchased for $125,000 and four of the properties are leased out. They earn $1,100 per month each. Each unit has the following expenses: Mortgage payment $525 – Interest is approximately $230 and principal is approximately $295 each month for a total payment of $525. Insurance is $75 per month Property taxes are $200 per month Repairs are approximately $150 per month After all income and expenses have been listed, Coreasha brings in approximately $200 per unit.Corneasha has approximately $53,235 in her TD Ameritrade account. She has $32,459 in Apple Stock and $20,446 in Exxon stock, and $330 in cash. She pays her broker $200 per year to manage the accounts and she pays that out of her own personal funds.

Answer rating: 100% (QA)

Following are the expenses which Corneasha may deduct Inter... View the full answer