Question: Self - Study Problem 4 . 7 Nancy Kapiolani lives in a duplex that she owns at 1 2 1 8 Park Ave S .
SelfStudy Problem Nancy Kapiolani lives in a duplex that she owns at Park Ave S Tacoma, WA Nancy rents onehalf of her duplex and lives in the other half. In her existing tenants lease expires and the tenant moves out. The tenant paid $ in rent during Nancy had collected first and last months rent from the tenant in Due to the condition of the unit, Nancy keeps $ of the security deposit to make repairs. Her new tenant moves in and pays $ per month for a oneyear lease starting July The new tenant is also required to pay Nancy first and last months rent plus a $ security deposit. The unit is rented for days during Nancys basis for depreciation on the rental portion is $ and she uses straightline depreciation with a year useful life. Repairs to the rental half of the unit are $including the $ from the security deposit On the whole duplex, real estate taxes are $ interest on the mortgage is $ utilities are $ and insurance is $ Use Part I of Schedule E to report Nancy's income from rental of part of the duplex. If an amount box does not require an entry or the answer is zero, enter Enter all amounts as positive numbers. Round depreciation expense to the nearest dollar. SCHEDULE E Form Department of the Treasury Internal Revenue Service Supplemental Income and Loss From rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc. Attach to Form SRNR or Go to wwwirs.govScheduleE for instructions and the latest information. OMB No Attachment Sequence No Names shown on return Nancy Kapiolani Your social security number Part I Income or Loss From Rental Real Estate and Royalties Note: If you are in the business of renting personal property, use Schedule C See instructions. If you are an individual, report farm rental income or loss from Form on page line A Did you make any payments in that would require you to file Forms See instructions Yes No B If "Yes," did you or will you file required Forms Yes No a Physical address of each property street city, state, ZIP code A Park Avenue S Tacoma, WA B C b Type of Property from list below For each rental real estate property listed above, report the number of fair rental and personal use days. Check the QJV box only if you meet the requirements to file as a qualified joint venture. See instructions. Fair Rental Days Personal Use Days QJV A A fill in the blank B B C C Type of Property: Single Family Residence VacationShortTerm Rental Land SelfRental MultiFamily Residence Commercial Royalties Other describe Properties: Income: A B C Rents received fill in the blank Royalties received Expenses: Advertising Auto and travel see instructions Cleaning and maintenance Commissions Insurance fill in the blank Legal and other professional fees Management fees Mortgage interest paid to banks, etc. see instructions fill in the blank Other interest Repairs fill in the blank Supplies Taxes fill in the blank Utilities fill in the blank Depreciation expense or depletion fill in the blank Other list Total expenses. Add lines through fill in the blank Subtract line from line rents andor royalties If result is a loss see instructions to find out if you must file Form fill in the blank
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