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What would the depreciation expense be for this problem? Also, what is the adjusted basis of like-kind property? State income tax withholding State income tax
What would the depreciation expense be for this problem? Also, what is the adjusted basis of like-kind property?
State income tax withholding State income tax paid with the 2018 return Real estate tax Mortgage interest $ 2,310 100 2,600 8,060 Wendy Inherited a beach house in North Carolina (rental only) on January 2, 2019, from her father. The FMV at the father's death was $850,000. He had purchased the house 20 years earlier for $100,000. Summer rental income Repairs Real estate taxes Utilities Depreciation $45, eee 2,500 6,500 2,400 (Calculate) On December 29, 2019, Wendy properly conducted a like-kind exchange for rental real estate located at 128 Lake Blvd., Hot Town, Az She received rental property with an FMV of $950,000 and $20,000 cash in exchange for the North Carolina beach house. The Arizona property did not produce any income until 2019. Prepare Form 1040 for Wendy for 2019. The taxpayer had qualifying health care coverage at all times during the tax year. You will also need Schedule 1, Schedule A Schedule E, Form 4562, Form 4797, and Form 8824. Use the appropriate Table 6A-6 and Tax Tables or Tax Rate Schedules. (Input all the values as positive numbers. Round Intermediat computations and final answers to the nearest whole dollar. Instructions can be found on certain cells within the forms. Do not sklp rows while entering in Residential rental property section on Section B of Form 4562.) State income tax withholding State income tax paid with the 2018 return Real estate tax Mortgage interest $ 2,310 100 2,600 8,060 Wendy Inherited a beach house in North Carolina (rental only) on January 2, 2019, from her father. The FMV at the father's death was $850,000. He had purchased the house 20 years earlier for $100,000. Summer rental income Repairs Real estate taxes Utilities Depreciation $45, eee 2,500 6,500 2,400 (Calculate) On December 29, 2019, Wendy properly conducted a like-kind exchange for rental real estate located at 128 Lake Blvd., Hot Town, Az She received rental property with an FMV of $950,000 and $20,000 cash in exchange for the North Carolina beach house. The Arizona property did not produce any income until 2019. Prepare Form 1040 for Wendy for 2019. The taxpayer had qualifying health care coverage at all times during the tax year. You will also need Schedule 1, Schedule A Schedule E, Form 4562, Form 4797, and Form 8824. Use the appropriate Table 6A-6 and Tax Tables or Tax Rate Schedules. (Input all the values as positive numbers. Round Intermediat computations and final answers to the nearest whole dollar. Instructions can be found on certain cells within the forms. Do not sklp rows while entering in Residential rental property section on Section B of Form 4562.)
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