Question

Mowi owns a vacation villa in Belize. This year he used the villa for 25 days...

Mowi owns a vacation villa in Belize. This year he used the villa for 25 days and rented out the villa for 125 days earning $14,000 from the rentals. His total expenses for the year for the vacation home were: mortgage interest = $9,000; taxes = $4,000; utilities = $2,000; repairs and maintenance = $1,500; and depreciation = $12,000. Assuming the IRS method, how much can Mowi deduct for the expenses on Schedule E related to the villa? (Assume Mowi claims the standard deduction)

Mortage Interest -

Taxes -

Utilities -

Repairs and Maintenance -

Depreciation -

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Lynn and Bruce own a vacation cottage on the lakeside. They rented the cottage last year...
Lynn and Bruce own a vacation cottage on the lakeside. They rented the cottage last year for 60 days, and used it for themselves and their family for 30 days. They had the following income and expenses for the cottage. Rental Income $22,000 Real Estate Taxes $6,000 Mortgage Interest Paid $9,000 Mortgage Principal Repaid $5,000 Electric, Phone, gas $4,000 Repairs $1,000 Insurance $1,000 Depreciation $8,000 Homeowners Assn. Fees $1,000 For real estate taxes and mortgage interest, there are two alternative...
Lynn and Bruce own a vacation cottage on the lakeside. They rented the cottage last year...
Lynn and Bruce own a vacation cottage on the lakeside. They rented the cottage last year for 60 days, and used it for themselves and their family for 30 days. They had the following income and expenses for the cottage. Rental Income $22,000 Real Estate Taxes $6,000 Mortgage Interest Paid $9,000 Mortgage Principal Repaid $5,000 Electric, Phone, gas $4,000 Repairs $1,000 Insurance $1,000 Depreciation $8,000 Homeowners Assn. Fees $1,000 For real estate taxes and mortgage interest, there are two alternative...
Lynn and Bruce own a vacation cottage on the lakeside. They rented the cottage last year...
Lynn and Bruce own a vacation cottage on the lakeside. They rented the cottage last year for 60 days, and used it for themselves and their family for 30 days. They had the following income and expenses for the cottage. Rental Income $22,000 Real Estate Taxes $6,000 Mortgage Interest Paid $9,000 Mortgage Principal Repaid $5,000 Electric, Phone, gas $4,000 Repairs $1,000 Insurance $1,000 Depreciation $8,000 Homeowners Assn. Fees $1,000 For real estate taxes and mortgage interest, there are two alternative...
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses...
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 1,000 Advertising expense 500 Mortgage interest 3,500 Property taxes 900 Repairs & maintenance 650 Utilities 950 Depreciation 8,500 During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more...
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses...
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 1,000 Advertising expense 500 Mortgage interest 3,500 Property taxes 900 Repairs & maintenance 650 Utilities 950 Depreciation 8,500 During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more...
During 2020, Bobby Brady rented his vacation home for 72 days and stayed in his vacation...
During 2020, Bobby Brady rented his vacation home for 72 days and stayed in his vacation home for 28 days. Gross rental income from the property was $8,200. Bobby incurred the following expenses: mortgage interest, $4,600; real estate taxes, $2,300; utilities, $950; maintenance, $450; and depreciation, $4,250. Using the IRS’s approach, compute: Bobby’s net rent income or loss, showing all calculations (his realized amount). The amount(s), if any, that Bobby will report on his Schedule A as an itemized deduction....
Petya owns a condominium in the Hilton Head Island, South Carolina. During the year, Petya uses...
Petya owns a condominium in the Hilton Head Island, South Carolina. During the year, Petya uses the condo a total of 25 days. The condo is also rented to vacationers for a total of 100 days and generates rental income of $38,000. Petya incurs the following expenses: Expense Amount Mortgage interest $ 10,000 Property taxes 14,800 Utilities 4,000 Insurance 2,800 Depreciation (Annual) 17,500 Using the IRS method of allocating expenses, the amount of depreciation that Katarina may take with respect...
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses...
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 1,800 Mortgage interest 7,400 Property taxes 4,350 Repairs & maintenance 730 Utilities 2,400 Depreciation 18,600 During the year, Alexa rented out the condo for 127 days. Alexa’s AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume that in addition to renting the condo for...
Thomas, a California resident, owns a summer cabin in South Lake Tahoe. During 2017, Thomas stayed...
Thomas, a California resident, owns a summer cabin in South Lake Tahoe. During 2017, Thomas stayed 20 days, his parents and siblings stayed 8 days and Thomas rented the 3 bedroom 3 bath cabin for 45 days, at $ 400 per day. The following expenses relate to the summer cabin: Interest expense on debt secured by the rcabin and incurred to acquire the cabin $14,000 Property taxes related to residence $ 9,000 Insurance $ 2,920 Utilities $ 5,840 Maintenance $...
Supreme Leader Snoke (an individual), owns a condominium near Windandsea Beach in San Diego. He rents...
Supreme Leader Snoke (an individual), owns a condominium near Windandsea Beach in San Diego. He rents the condo during the summer and uses it for vacations also. In 2017, Snoke rented the condo to vacationers for 90 days. He stayed in the condo 30 days for his own use. Snoke uses the IRS method to allocate expenses. His gross rental income was $16,000 and the total expenses associated with the condo are: Expense Category Total Expenses Strangely convenient empty column...