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- H3. Grayson purchased his primary residence for $260,000. As part of the closing procedure, he paid $2,900 in loan origination fees, $750 to a lawyer to review the purchase contract and other closing papers, $250 for a property survey, and $1,200 for title insurance. He also gave the real estate agent a $100 gift certificate in appreciation for her hard work. What is Grayson's basis in the residence? Please show proper step by step calculation(7) Refer again to Chapter 12, section 12-4, LIKE-KIND EXCHANGES. Mr. X owned an apartment building. He exchanged it for Ms. Y’s mansion, which Mr. X remodeled and uses as his office for his Schedule C accounting practice. Here are some additional facts: Mr. X’s adjusted basis in his apartment building was $1,400,000. Ms. Y’s adjusted basis in her mansion was $2,250,000. No cash or other / additional consideration passed in either direction in connection with the exchange. Neither property was encumbered by any debt. On the county property tax rolls, Mr. X’s apartment building was listed at a value of $3.25 million. On the county property tax rolls, Ms. Y’s mansion was listed at a value of $3.6 million. At the time of the exchange and for years before, Ms. Y actually lived in her mansion; it was strictly her personal residence – she never carried on any trade or business there, nor did anything else that ever would have re-sulted in classification of the mansion as anything…Barbara has homeowner’s insurance with $100001 face amount.She recently incurred fire damage of $50000 during the policy period. If the insurer values the home to be $150000, what would her insurance benefit before the deductible? Choices: $33334 $100000 $0 $50001
- ! Required information [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,050 7,450 4,200 650 4,650 23,700 During the year, Alexa rented out the condo for 137 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 137 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $47,750 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo and that her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the…Grayson purchased his primary residence for $260,000 as part of the closing procedure. He paid $2900 in loan origination fees, $750 to a lawyer to review the purchase contract and other closing papers, $250 for a property survey. In $1200 for title insurance, he also gave the real estate agent $100 gift certificate in appreciation for her hard work. What is Grayson's basis in the residence? Is it $260,000 or $261,200 or 262,200? or $263,000.Janet owns a home at the lake. She incurs the following expenses: Mortgage interest Property taxes Insurance Utilities $ 1,700 1,000 1,800 Repairs Depreciation Required: 2,100 400 4,400 What is the proper treatment of the rental income and expenses in each of the following cases? Use the Tax Court allocation method, if applicable. Note: Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value. Rental Personal-Use Days Case Income Days Rented A $ 10,000 45 10 B 13,000 55 25 CD 7,000 10 30 D 23,000 365 0 Income Mortgage interest Property taxes Insurance Utilities Repairs Depreciation Rental income Case A Case B Case C Case D Schedule E Schedule A/No Deduction Schedule E Schedule A/No Deduction Schedule E
- Stephen purchased a rental property on 03 August 2020 and has rented the property from this date.He incurred the following expenses when purchasing the property –> $6,320 Lender’s Mortgage Insurance> $15,987 Stamp duty on transfer of the property> $1,500 Mortgage broker’s fee> $750 Conveyancing fees> $600 Bank loan establishment fee> $700 Stamp duty on the mortgageCalculate how much Stephen can claim in borrowing costs for the 2021 year and select the correct answer below. $1,766 $1,658 $1,311 $1,442 $1,879Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance $ 2, 050 Mortgage interest 7, 450 Property taxes 4, 200 Repairs & maintenance 650 Utilities 4, 650 Depreciation 23, 700 During the year, Alexa rented out the condo for 137 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 137 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $47, 750 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than $ 10,000 by more than the real property taxes allocated to rental use of the home. Answer theClassify each of the following expenditures paid in 2019 as a deduction for AGI, a deduction from AGI, or not deductible: a. Roberto gives cash to his father as a birthday gift. b. Sandra gives cash to her church. c. Albert pays Dr. Dafashy for medical services rendered. d. Mia pays alimony to Bill. e. Rex, who is self-employed, contributes to his pension plan. f. Bonita pays expenses associated with her rental property. g. Lu, who operates a sole proprietorship, takes a client to dinner to discuss new business.
- Tim receives a $25,000 gift from his parents for a down payment on a house. They know he cannot buy a house without their help. They write “gift” in the memo line of the check. How much of the gift is taxable to Tim? In your response, please make sure to take all of the facts above into consideration. You can refer back to the text, lecture videos, and the IRS website. Please make sure to support whatever conclusion you decide to present.Larry has expanded his business. When he met with his accountant at theend of the year, he learned that his total assets are in excess of $1 million.His accountant asked Larry if he had a will, and Larry said he had been toobusy to develop one. His accountant strongly recommended that Larrycontact an estate planning attorney.a. What advice do you think the estate planner will give Larry with respect toestablishing a will?b. What do you advise?Which one(s) is/are true for RRSP? (There might be more than one answer). Question 1 options: The Home Buyers' Plan (HBP) is a tax-free withdrawal from an RRSP account for persons who are deemed to be first-time home buyers. An eligible person is permitted to take an withdraw up to $35,000.00 from their RRSPs to purchase or construct a home for themselves. The LLP student must be enrolled on a full-time basis at the educational institution. Students can not be enrolled on a part-time basis under any conditions. Any contribution made to an RRSP within 89 days prior to the HBP request does not qualify to be part of the HBP program. Up to $5000 net per year, over four years, up to a maximum of $20,000 net, can be redeemed per spouse for purposes of the LLP.
