Question
37.Leonard rents part of his personal residence in the winter for three weeks for $2,700. Jeffrey rents all of his personal residence for two weeks
37.Leonard rents part of his personal residence in the winter for three weeks for $2,700. Jeffrey rents all of his personal residence for two weeks in July for $3,500. Leonard is required to include the $2,700 in his gross income whereas Jeffrey is not required to include the $3,500 in his gross income.True or false,Explain
36 Danny owns a home in Philadelphia. His company transfers him to Miami on March 9, 2020, and he sells his house in Philadelphia in early April. He purchases a new home in Miami on April 2, 2020. On December 20, Danny's company transfers him to Albany. In January 2021, he sells the Miami home and purchases a new home in Albany. Despite the fact that multiple sales have occurred within a two year period, 121 benefits can be used on the sale of the second home.True or False, Explain
33 Larry is a carpenter. He and his wife Lori are accrual basis taxpayers and file a joint return. Larry built a new house for Lori and billed her $20,000. Lori paid Larry $5,000 and refused to pay the remainder of the bill, claiming the fee to be exorbitant. Larry took Lori to Small Claims Court for the unpaid amount and was awarded a $10,000 judgment. Larry was able to collect the judgment but not the remainder of the bill from Lori. Calculate the amount of loss Larry may deduct in the current year?
32 Ella, who is single, sells her principal residence, which she has owned and occupied for six years, for $500,000. The adjusted basis is $150,000 and the selling expenses are $30,000. Four days after the sale, she purchases another residence for $275,000. Calculate Ella's recognized gain?
please dont answer if you dont answer all or without explanation
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started