Chapter 6 Spreadsheet for Students

Chapter 6 Spreadsheet for Students - Martin incurred the...

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Special Homework #1 Salary 50,000 50,000 Rental Income 5,000 0 Gross Income 55,000 50,000 Less: Interest 2,250 (3,000x3/4) 82 10/365 Taxes 1,125 41.1 10/365 Utilities 600 Maintenance 375 Depreciation 3,000 Personal Exemption 3,650 3,650 Total Deductions 11,000 3,773 Taxible income 44,000 46,227 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.
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Unformatted text preview: 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. Calculate his taxable income. B. Now assume the vacation home is rented for 10 days, and used personally for two months. Again calculate his taxable income....
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