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Chapter 6 Spreadsheet for Students
Course: ACCT210 ACCT210, Spring 2012School: S. Alberta Tech
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Homework Special #1 Special Homework #1 A. During the year, Martin rented his vacation home for three months and spent one month there personally. Gross rental income from the property was $5,000. Martin incurred the following expenses, mortgage interest of $3,000, real estate taxes of $1,500, utilities of $800, maintenance of $500, and depreciation of $4,000. Assume he has a salary of $50,000 and is entitled one...
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Homework Special #1
Special Homework #1
A. During the year, Martin rented his vacation home for three months and spent one month
there personally. Gross rental income from the property was $5,000. Martin incurred the
following expenses, mortgage interest of $3,000, real estate taxes of $1,500, utilities of $800,
maintenance of $500, and depreciation of $4,000. Assume he has a salary of $50,000 and is
entitled one exemption for himself. his Calculate taxable income.
B. Now assume the vacation home is rented for 10 days, and used personally for two
months. Again calculate his taxable income.
Salary
Rental Income
Gross Income
Less:
Interest
Taxes
Utilities
Maintenance
Depreciation
Personal Exemption
Total Deductions
50,000
5,000
55,000
2,250 (3,000x3/4)
1,125
600
375
3,000
3,650
11,000
Taxible income
44,000
50,000
0
50,000
82 10/365
41.1 10/365
3,650
3,773
46,227
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S. Alberta Tech - ACCT210 - ACCT210
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S. Alberta Tech - ACCT210 - ACCT210
39-22,000 - 89,000 = 67,000 Section 1244 Lossa.b.c.d.42-Passive ActivitiesActivity XActivity YActivity ZTotal PassiveSalaryActivity XActivity YAGISuspended losses from Act. Y of 15,000 and from Act. Z of 15,00043-Activity ZTotal Act. Zful
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S. Alberta Tech - ACCT210 - ACCT210
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