ACC 401 Week 3 DQ2 Rental Property

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ACC 401 Week 3 DQ2 Rental Property

Rental Property & Royalties. From Chapter 8 complete problem 33, problem 34, and problem 35 and post to the discussion board by day 3.

  1. Ramone is a tax attorney and he also owns an office building that he rents for $8,500/month. He is responsible for paying all taxes and expenses relating to the buildings operation and maintenance. Is Ramone engaged in the trade or business of renting real estate?

  2. Kelvin owns and lives in a duplex. He rents the other unit for $750 per month. He incurs the following expenses during the current year for the entire property:

Mortgage interest$7,500

Property taxes 2,000

Utilities 1,500

Fixed light fixture in rental unit 100

Fixed dishwasher in personal unit 250

Painted entire exterior 1,300

Insurance 1,800

Depreciation (entire structure) 7,000

How are the expenditures treated for tax purposes? On what tax form(s) are these amounts reported?

  1. In the current year, Sandra rented her vacation home for 75 days, used it for personal use for 22 days, and left it vacant for the remainder of the year. Her income and expenses are as follows:

Rental income$15,000

Real estate taxes 2,000

Utilities 1,500

Mortgage interest 3,800

Depreciation 7,200

Repairs and Maintenance 1,300

What is Sandras net income or loss from the activity? Use the Tax Court method.

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