Net income from her vacation home calculated on schedule

Assignment Help Financial Management

Reference no: EM131508628

During the current year, Katrina incurs the following expenses with respect to her beachfront condominium in Hawaii: Insurance $440

Repairs and maintenance 660

Interest on mortgage 4,000

Property taxes 1,800

Utilities 1,600

In addition to the expenses listed above, Katrina could have deducted a total of $8,600 depreciation if the property had been acquired only for investment purposes. During the year, Katrina uses the condominium 80 days for vacation. She also rents it out for a total of 240 days during the year, generating a total gross income of $8,000.

1. What is Katrina’s net income from her vacation home calculated on Schedule E?

2. What deductions may Katrina take from AGI on Schedule A?

Reference no: EM131508628

Questions Cloud

Bottom floor of the building is leased to retail business : The bottom floor of the building is leased to a retail business for $32,000. The other floors of the building are rental apartments with an annual rent of $160,

Hazards and the outcomes of risk assessment : Where might information about hazards and the outcomes of risk assessment and control result from? Discuss in 120 to 150 words.

List three separate systems of the earth : List three separate systems of the Earth and explain how they are dynamic systems. Please write it in a short paragraph form

What process made the components of the meal : What process made the components of the meal? How will the various organic molecule groups be utilized in your body during YOUR aerobic cellular respiration?

Net income from her vacation home calculated on schedule : What is Katrina’s net income from her vacation home calculated on Schedule E? What deductions may Katrina take from AGI on Schedule A?

University library databases : Review material from news sources, the university library databases, and other articles on the 2010 British Petroleum (BP) Gulf Oil Spill.

Describe the different layers of the earth : Describe the different layers of the Earth and give clear description of each layer. Not more than 200 words

If you require an effective annual interest rate : If you require an "effective" annual interest rate (not a nominal rate) of 11.44%, how much should you be willing to pay for the bond?

Identify the title of your research paper : Explain why you have chosen your research topic, and describe the approach you will use in researching your topic.

User Account

All Pages