Question
Please Help! I do not know how to add the forms. Can someone still help me please?? Comprehensive Problem 8-1 Trish Himple owns a retail
Please Help!
I do not know how to add the forms. Can someone still help me please??
Comprehensive Problem 8-1
Trish Himple owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Trish keeps her books on an accrual basis. The income and expenses for the year are:
|
Trish's bookkeeper has provided the book-basis fixed asset roll forward to be used in computing the depreciation (see separate tab). For tax purposes, Trish elected out of bonus depreciation in all years except 2020. She did not elect immediate expensing in any year. The tax lives of the assets are the same as the book lives shown in the fixed asset schedule. The truck is not considered a passenger automobile for purposes of the luxury automobile limitations.
Trish also has a qualified home office of 250 sq. ft. Her home is 2,000 sq. ft. Her 2015 purchase price and basis in the home, not including land, is $100,000 (the home's market value is $150,000). She incurred the following costs in 2020 related to the entire home:
|
Required: Complete Trish's Schedule C, Form 8829, and Form 4562 (as necessary).
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