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The one below I only need the depreciation all other answers are correct Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an
The one below I only need the depreciation all other answers are correct
Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $300,000 and expenses of $180,000. The corporation also earned $10,000 in taxable interest and dividend income and had $6,000 investment interest expense How are these amounts reported for tax purposes in the following schedules? Schedule A Schedule B Schedule E 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 before allocation are as follows Rental income Real estate taxes Utilities Mortgage interest Depreciation Repairs and maintenance $15,900 2,700 2,475 4,700 7,600 1,260 What is Sandra's net income or loss from the rental of her vacation home? Use the Tax Court method. (Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value.) Schedule E ScheduleA Rental income Real estate taxes Utilities Mortgage interest Repairs and maintenance Depreciation Net rental income 15,900 555$ 2,145 1,914 966 3,734 974 11.491Step by Step Solution
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