Question: I need help with these questions. How would these be reported on their specific form. questions: 15, 16,17,18,19,20 Thank you passive income 285 495 350

I need help with these questions. How would these be reported on their specific form.
questions: 15, 16,17,18,19,20
Thank you
I need help with these questions. How would these be reported on

passive income 285 495 350 2 2020, she received a federal refund of deductions for 2019 were $12,430. Schedule E 15. Paige found a renter for her father's house on August 1. The monthly rent is $400, and -Rental income months rent and a sa dos cuer wie die prosil. The security deposit is to be returned az oboe Ferom the lease agreement is for one year. The lease requires the tenant to pay the first and last (deduct) of the lease if the property is in good condition on August, Paige received $1,200 from the tenant per the terms of the lease agreement. In November, the plumbing froze and several pipes burst. The tenant had the repairs made and paid the $300 bill. In December, he (goes to form 858a) be reduced his rental payment to S100 to compensate for the plumbing repairs. Paige provides Property taxes $770 Other maintenance expenses Insurance expense Management fee Depreciation (to be computed) 16. The rental property is located at 35 Harvest Street, Orono, Maine 04473. Local practice is Dep. 88% to allocate 12 percent of the fair market value of the property to the land. (See item #8.) Real estate Paige makes all decisions with respect to the property. duchon (SALT) 17. Paige paid $2,050 in real estate taxes on her principal residence. The real estate tax is used to pay for town schools and other municipal services. 18. Paige drives a 2018 Acura TL. Her car registration fee (based on the car year) is $50 and covers the period 1/1/2020 through 12/31/2020. In addition, she paid $280 in personal property tax to the state based on the fair market value of the car. 19. In addition to the medical costs presented in item #11, Paige incurred the following unreimbursed medical costs: Dentist S 310 Doctor 390 Prescription drugs 215 Over-the-counter drugs Optometrist Emergency room charges LASIK eye surgery 6,000 265 Chiropractor Interest expense 20. On March 1, Paige took advantage of low interest rates and refinanced her $75,000 home not all are ded- mortgage with her original lender. Paige purchased the home in 2018. The new home loan is for 15 years. She paid $215 in closing costs and $1,500 in discount points (prepaid ctible) interest) to obtain the loan. The house is worth $155,000 and Paige's basis in the house is $90,000. As part of the refinancing arrangement, she also obtained a $10,000 home- equity loan. She used the proceeds from the home-equity loan to reduce the balance due on her credit cards. Paige received several Form 1098 statements from her bank for interest paid by her in 2020. Details appear below (also sce Exhibit A): Primary home mortgage $7,100 Home-equity loan 435 Credit cards 498 Car loan 390 140 125 440 passive income 285 495 350 2 2020, she received a federal refund of deductions for 2019 were $12,430. Schedule E 15. Paige found a renter for her father's house on August 1. The monthly rent is $400, and -Rental income months rent and a sa dos cuer wie die prosil. The security deposit is to be returned az oboe Ferom the lease agreement is for one year. The lease requires the tenant to pay the first and last (deduct) of the lease if the property is in good condition on August, Paige received $1,200 from the tenant per the terms of the lease agreement. In November, the plumbing froze and several pipes burst. The tenant had the repairs made and paid the $300 bill. In December, he (goes to form 858a) be reduced his rental payment to S100 to compensate for the plumbing repairs. Paige provides Property taxes $770 Other maintenance expenses Insurance expense Management fee Depreciation (to be computed) 16. The rental property is located at 35 Harvest Street, Orono, Maine 04473. Local practice is Dep. 88% to allocate 12 percent of the fair market value of the property to the land. (See item #8.) Real estate Paige makes all decisions with respect to the property. duchon (SALT) 17. Paige paid $2,050 in real estate taxes on her principal residence. The real estate tax is used to pay for town schools and other municipal services. 18. Paige drives a 2018 Acura TL. Her car registration fee (based on the car year) is $50 and covers the period 1/1/2020 through 12/31/2020. In addition, she paid $280 in personal property tax to the state based on the fair market value of the car. 19. In addition to the medical costs presented in item #11, Paige incurred the following unreimbursed medical costs: Dentist S 310 Doctor 390 Prescription drugs 215 Over-the-counter drugs Optometrist Emergency room charges LASIK eye surgery 6,000 265 Chiropractor Interest expense 20. On March 1, Paige took advantage of low interest rates and refinanced her $75,000 home not all are ded- mortgage with her original lender. Paige purchased the home in 2018. The new home loan is for 15 years. She paid $215 in closing costs and $1,500 in discount points (prepaid ctible) interest) to obtain the loan. The house is worth $155,000 and Paige's basis in the house is $90,000. As part of the refinancing arrangement, she also obtained a $10,000 home- equity loan. She used the proceeds from the home-equity loan to reduce the balance due on her credit cards. Paige received several Form 1098 statements from her bank for interest paid by her in 2020. Details appear below (also sce Exhibit A): Primary home mortgage $7,100 Home-equity loan 435 Credit cards 498 Car loan 390 140 125 440

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!