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Deffense [45]
4 years ago
15

During the year, Lillie rented her vacation home for three months and spend one month there. Gross rental income from the proper

ty was $5,000. Lillie incurred the following expenses: mortgage interest, $3,000; real estate taxes $1,500; utilities, $800; and depreciation, $4,000. Compute Lillie's allowable deductions for the vacation home.
Business
1 answer:
77julia77 [94]4 years ago
7 0

Answer:

$8,100

Explanation:

The home was rented for more than 14 days, you must pay taxes for the rental income

Since Lille used the house for more than 15 days herself, limits her deduction. The home cannot be treated as rental home nor personal use vacation home.

total days used = (30 x 3) + 30 = 120 days

rental days = 90/120 = 75% (this doesn't apply to mortgage interest nor real estate taxes, they are still 100% deductible)

mortgage interest and real estate taxes still qualify as personal expenses = $3,000 + $1,500 = $4,500

utilities and depreciation will be deducted only 75% = ($800 + $4,000) x 75% = $3,600

total deductions = $4,500 + $3,600 = $8,100

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____ [38]

Answer:

the remaining budget for other expenses = 1/8 of the total budget

Explanation:

Since the city's administrative personnel expenses are 1/8 larger than both maintenance expenses and safety expenses, it means that safety expenses are equal to maintenance expenses.

Since maintenance expenses are 1/4 of the total budget, safety expenses are also 1/4 of the total budget.

Administrative personnel expenses are 1/8 higher, so that means that they equal 1/4 + 1/8 of the total expenses.

If we add the three categories = 1/4 + 1/4 + (1/4 + 1/8) = 7/8

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3 years ago
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Answer: Advertisements

Explanation:

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8 0
4 years ago
When making a payment of FUTA taxes, the employer must make the payment by the: a.10th of the month after the quarter. b.end of
Murljashka [212]

Answer:

Correct option is D.

<u>End of the month after the quarter.</u>

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  • April 30th
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5 0
3 years ago
What is the key idea in the aggregate expenditure macroeconomic​ model? The key idea in the aggregate expenditure model is that
guajiro [1.7K]

Answer:

A) in any particular​ year, the level of GDP is determined mainly by the level of aggregate expenditure.

Explanation:

The formula for calculating the aggregate expenditure (AE) of an economy is the same used to calculate the gross domestic product:

Aggregate expenditures = consumption + investment + government + net exports (exports - imports)

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he equation is: AE = C + I + G + NX. The aggregate expenditure determines the total amount that firms and households plan to spend on goods and services at each level of income.

6 0
3 years ago
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