Question
A and B, two individuals, purchased a house H as joint (50%) owners, for $500.000. A and B agreed they would rent the house and
A and B, two individuals, purchased a house "H" as joint (50%) owners, for $500.000. A and B agreed they would rent the house and share income and losses 50/50. In 2022, they rented the house for 100 days and received rents of $20,000. In addition, in 2022, B used the house for personal use for 20 days. A did not use the house in 2022. In
2022: (i) the real estate taxes on H were $6,000, the mortgage interest paid on H was $12,000, and (in) maintenance
cOstS were 9.000
Assuming A is a single 35 year old, who earns a S110,000 salary. and had no other transactions.
- What is A's adjusted gross income ("AGI") in 2022?
- What is A's taxable income in 2022?
A and B, two individuals, purchased a house "H" as joint (50%) owners, for $500.000. A and B agreed they would rent the house and share income and losses 50/50. In 2022, they rented the house for 100 days and received rents of $20,000. In addition, in 2022, B used the house for personal use for 20 days. A did not use the house in 2022. In
2022: (i) the real estate taxes on H were $6,000, the mortgage interest paid on H was $12,000, and (in) maintenance
cOstS were 9.000
Assuming A is a single 35 year old, who earns a S110,000 salary. and had no other transactions.
- What is A's adjusted gross income ("AGI") in 2022?
- What is A's taxable income in 2022?
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
