26 Jul WHAT AMOUNT WILL SHE CARRY FORWARD TO THE NEXT YEAR?
Ques 1) Mary and husband have 4 rental properties. The properties generated the following income or Show more Ques 1) Mary and husband have 4 rental properties. The properties generated the following income or loss during 2011: Property 1 15000 Property 2 -32000 Property 3 -7000 Property 4 2000 Mary has AGI of 115000 and she is married filing a joint return. 1. What loss will Mary deduct in the current year? 2. a.What amount will she carry forward to the next year? b.Allocate any carry forward loss to the individual properties. 3. Assume that Mary is single. Calculate the current year loss and the carryforward loss by property. W Ques 2) Jane rented her personal residence to an unrelated person for 18 days. She collected $1800 in rent and paid $400 in cleaning expenses after the renter left. Janes annual housing expenses were: real estate tax $1200 mortagage interest $4000 home insurance $250 utilities $1600 Jane did not occupy the home while the tenant was there. What is Janes net income or loss as a result of the rental arrangement? Ques 3) Henry bought land for $40000 several years ago. He is going to subdivide the land into 10 parcels and sell each parcel for $60000 each. It will cost him $200 per parcel to subdivide the lot. If he sells all ten lots in 2011 what is: total income? Ordinary Income? Capital gain income? If he sells half of the property in 2011 and half in 2012 what is his total income in 2011? Ordinary Income in 2011? Capital gain income in 2011? total income in 2012? Ordinary Income in 2012? Capital gain income in 2012? Show less
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