Question: Need help please: Comprehensive Problem 1 - Part 3 : Form 2 4 4 1 ( page 1 ) , Schedule E , Schedule 8

Need help please: Comprehensive Problem 1- Part 3: Form 2441(page 1), Schedule E, Schedule 8812, Form 4562, and Form 8995. Comprehensive Problem 1- Part 3: Form 2441(page 1), Schedule E, Schedule 8812, Form 4562, and Form 8995.
Note: This problem is divided into three parts. You will need to complete some of the forms in the other parts in order to determine the amounts to be used on Form \(\mathbf{1040}\). Some of the data information will be reproduced in the other parts for convenience.
Enter all amounts as positive numbers, except for a "loss". If required, enter a "loss" as a negative number on the tax form. If required, round your answers to the nearest dollar. If an amount box does not require an entry or the answer is zero, enter "0".
Information regarding Noah and Joan's rental property is reproduced here.
Noah and Joan own a condo and use it as a rental property. The condo is located at 16 Oakwood Ave, Unit A, Dayton, OH 45409. Noah provides the management services for the rental including selection of tenants, maintenance, repairs, rent collection, and other services as needed. On average, Noah spends about two hours per week on the rental activity. The revenue and expenses for the year are as follows:
Rental income includes \(\$ 1,150\) per month for two months under the previous lease (which ended February 28,2023). The new lease is \(\$ 1,300\) per month for ten months under the new lease but the tenant paid only \(\$ 900\) in May 2023 because the tenant paid \(\$ 400\) for repairs to the apartment, and with the Arc's permission, reduced May's rent by \(\$ 400\). The new lease also required the tenant to pay last month's \(\$ 1,300\) rent in February 2023. The home was acquired for \(\$ 95,000\) in 2007. On May 12,2023, the Arcs installed new fixtures (7-year recovery period) at a cost of \(\$ 5,500\). They wish to maximize the cost recovery on the new fixtures but make no elections.
*Switch to straight-line depreciation. Form 4562
Complete Form 4562.
The depreciation factor from the tables is 0.03636.
Part I Election To Expense Certain Property Under Section 179
Note: If you have any listed property, complete Part V before you complete Part I. 8 Total elected cost of section 179 property. Add amounts in column (c), lines 6 and \(7\ldots \ldots \)..........
9 Tentative deduction. Enter the smaller of line 5 or line 8.
10 Carryover of disallowed deduction from line 13 of your 2022 Form \(4562\ldots \ldots \ldots \ldots \).......
11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5. See instructions
12 Section 179 expense deduction. Add lines 9 and 10, but don't enter more than line 11
ote: Don't use Part II or Part III below for listed property. Instead, use Part V.
Part II
Special Depreciation Allowance and Other Depreciation (Don't include listed property. See instructions.)
14 Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year. See instructions.
art III
MACRS Depreciation (Don't include listed property. See instructions.)
Section A
17 MACRS deductions for assets placed in service in tax years beginning before \(2023\ldots \ldots \ldots \).....
18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here.
Section B-Assets Placed in Service During 2023 Tax Year Using the General Depreciation System accounts, check here .
Section B-Assets Placed in Service During 2023 Tax Year Using the General Depreciation System
Need help please: Comprehensive Problem 1 - Part

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