Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Anna is so employed and owns an IT Consulting business, which she files as a Schedule C She maintains an office in her home as

image text in transcribed
Anna is so employed and owns an IT Consulting business, which she files as a Schedule C She maintains an office in her home as her principal place of business. This space has been used exclusively for business the last three years. The home office is 400 square feet and the entire house is 2,500 square feet. The residence cost $500,000 $60,000 for the land, $440,000 for the homel Anna incurred the following home-related expenses during 2019 Real property taxes home 2300 Painting her son's room 1300 Utos Repairs & maintenance to the home ar conditioner Mortgage interest on home 121500 During 2019, assume Anna had $20,000 in gross revenue and $15.000 in business expenses not related to office in home deduction $4,000 for advertising. $5,000 for legal fees, and $6,000 for office supplies, etc) Based on the information above, what is the total amount of expenses that cannot be used on the 2019 tax return and will be carried forward to future years? Round your final answer to whole dollars, if applicable. 00 2.500 Mute Choice $943 carry forward $469 carry forward There is no carry forward. Al expenses can be u s ed on the 2019 incertum 0 $677 carry forward

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Waste Management And Environmental Auditing Of An Urban Road Project

Authors: Babagana Mohammed, Salim Mohammed Sani

1st Edition

3330344563, 978-3330344563

More Books

Students also viewed these Accounting questions

Question

What is an elementary unit?

Answered: 1 week ago

Question

3. How has e-commerce transformed marketing?

Answered: 1 week ago