subject
Business, 28.12.2019 04:31 nakeytrag

Piper owns a vacation cabin in the tennessee mountains. without consider-ing the cabin, she has gross income of $65,000. during the year, she rents the cabin for two weeks for $2,500 and uses it herself for four weeks. the total expenses for the year are $10,000 mortgage interest; $1,500 property tax; $2,000 utilities, insurance, and maintenance; and $3,200 depreciation.

a. what effect does the rental of the vacation cabin have on piper’s agi?
b. what expenses can piper deduct, and how are they classified (i. e., for or from agi)?

ansver
Answers: 3

Another question on Business

question
Business, 21.06.2019 14:00
Payday loans could be considered as a. illegal b.subprime lending c. good deal for borrower d. for frequent use
Answers: 1
question
Business, 21.06.2019 22:50
Tara incorporates her sole proprietorship, transferring it to newly formed black corporation. the assets transferred have an adjusted basis of $240,000 and a fair market value of $300,000. also transferred was $10,000 in liabilities, $1,000 of which was personal and the balance of $9,000 being business related. in return for these transfers, tara receives all of the stock in black corporation. a. black corporation has a basis of $241,000 in the property. b. black corporation has a basis of $240,000 in the property. c. tara’s basis in the black corporation stock is $241,000. d. tara’s basis in the black corporation stock is $249,000. e. none of the above.
Answers: 1
question
Business, 22.06.2019 08:30
What has caroline's payment history been like? support your answer with two examples
Answers: 3
question
Business, 22.06.2019 08:30
Match each item to check for while reconciling a bank account with the document to which it relates.(there's not just one answer)1. balancing account statement2. balancing check registera. nsf feesb. deposits in transitc. interest earnedd. bank errors
Answers: 2
You know the right answer?
Piper owns a vacation cabin in the tennessee mountains. without consider-ing the cabin, she has gros...
Questions