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 Part : Form page Schedule E Schedule Form and Form Comprehensive Problem Part : Form page Schedule E Schedule Form and Form
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 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
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 Oakwood Ave, Unit A Dayton, OH 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 $ per month for two months under the previous lease which ended February The new lease is $ per month for ten months under the new lease but the tenant paid only $ in May because the tenant paid $ for repairs to the apartment, and with the Arc's permission, reduced May's rent by $ The new lease also required the tenant to pay last month's $ rent in February The home was acquired for $ in On May the Arcs installed new fixtures year recovery period at a cost of $ They wish to maximize the cost recovery on the new fixtures but make no elections.
Switch to straightline depreciation. Form
Complete Form
The depreciation factor from the tables is
Part I Election To Expense Certain Property Under Section
Note: If you have any listed property, complete Part V before you complete Part I. Total elected cost of section property. Add amounts in column c lines and ldots ldots
Tentative deduction. Enter the smaller of line or line
Carryover of disallowed deduction from line of your Form ldots ldots ldots ldots
Business income limitation Enter the smaller of business income not less than zero or line See instructions
Section expense deduction. Add lines and but don't enter more than line
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 Dont include listed property. See instructions.
Special depreciation allowance for qualified property other than listed property placed in service during the tax year. See instructions.
art III
MACRS Depreciation Dont include listed property. See instructions.
Section A
MACRS deductions for assets placed in service in tax years beginning before ldots ldots ldots
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 BAssets Placed in Service During Tax Year Using the General Depreciation System accounts, check here
Section BAssets Placed in Service During Tax Year Using the General Depreciation System
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
