Which of the following statements about moving expenses is true? A. Mortgage payoff penalties and refitting carpets and draperies are deductible moving expenses. B. Temporary living expenses and expenses of getting or breaking a lease are deductible moving expenses. C. Pre-move househunting expenses and meal expenses are deductible moving expenses. D. Moving household goods and travel expenses (including lodging but not meals) to the new home are deductible moving expenses.
D. Moving household goods and travel expenses (including lodging but not meals) to the new home are deductible moving expenses. Answer (D) is corre...
Clarence, a real estate professional, owned 10 rental properties. Clarence’s real estate activities are his sole occupation, which he works at all year. Throughout 2017, he was involved in the operation of all properties on a regular, continuous, and substantial basis. At the end of the year, his real estate operations resulted in a $75,000 net loss. Clarence’s spouse, Carlette, had received $90,000 in wages in 2017. Their only other income during the year was $5,000 interest. Which of the following statements is true? A. Clarence and Carlette may offset their $95,000 income with $25,000 of their real estate loss on their 2017 joint tax return if Clarence actively participated in the real estate activity. B. Clarence and Carlette may fully offset their $95,000 income with their $75,000 real estate loss on their 2017 joint tax return. C. Clarence and Carlette may not offset their $95,000 income with any real estate loss on their 2017 joint tax return. D. None of the answers are correct.
Clarence and Carlette may fully offset their $95,000 income with their $75,000 real estate loss on their 2017 joint tax return. Answer B is correct...
Barry is a lawyer. He owns 10 apartment buildings that are managed by his brother’s real estate business. At the end of the year, the apartment buildings resulted in a $40,000 loss. Barry earned $80,000 in wages. His wife, Claire, earned $20,000 from her part-time job. Their other income included $5,000 in dividends from their mutual funds. They had no other income. How much of the rental loss can Barry use assuming Barry actively participates in the apartment buildings? A. $25,000 B. $22,500 C. $0 D. $40,000
22,500 Answer B is correct. Any rental activity is a passive activity, whether or not the taxpayer participates in the activity. An individual who...
e following items are reported on Mr. and Mrs. Spice’s 2017 joint return: Net profit on Mrs. Spice’s Schedule C of $40,000 Mr. Spice’s paid court-ordered alimony of $5,000 Self-Employment Tax of $5,650 on Mrs. Spice’s Schedule C profit ($2,825 employer’s portion) Compute their adjusted gross income for 2017. A. $32,175 B. $35,000 C. $28,880 D. $40,000
$32,175 Answer A is correct. Alimony and separate maintenance payments are gross income to the recipient and deductible by the payor. In addition,...
Contributions to an IRA must be made by the due date of the return, without regard to extensions to qualify for return year. True. False.
True. Your answer is correct. Subject to certain qualifying rules and limitations, an individual who is not an active participant in an employer-m...
oe divorced Renee last year. During the current year, per the divorce decree, Joe made the following payments to Renee: The entire mortgage payment on house jointly owned $9,600 Tuition for their child 2,800 Child support 6,000 Life insurance premiums on policy owned by Renee 5,400 What is the amount Joe can deduct as alimony on his tax return? A. $8,200 B. $5,400 C. $10,200 D. $11,400
0,200 Answer C is correct. Section 215 allows a deduction for alimony or separate maintenance payments as defined under Sec. 71. Section 71(b) defi...
aWhich of the following is a deductible moving expense? A. Meals while moving from your old residence to your new residence. B. Travel expenses incurred to move members of your household to your new home. C. Temporary living expenses while occupying quarters in the area. D. Travel expenses, meals, and lodging for pre-move househunting trips.
Travel expenses incurred to move members of your household to your new home. Answer B is correct. The definition of moving expenses under Sec. 217(...
Larry purchased 100 shares of ABC stock on May 31, Year 1, for $100 per share. On October 28, Year 1, he sold the 100 shares for $90 per share. On November 22, Year 1, his wife, Vickie, purchased 100 shares of ABC stock for $80 per share. Vickie held the stock until September 30, Year 2. On that date, she sold the stock for $110 per share. They filed married filing separately on all returns. A. Vickie has short-term gain of $3,000 on her Year 2 tax return. B. Vickie will have a short-term gain of $3,000 on her Year 2 tax return, and Larry takes the short-term loss of $1,000 on his Year 1 tax return. C. Larry has a short-term loss of $1,000 on his Year 1 tax return. D. Vickie will have a long-term gain of $2,000 on her Year 2 tax return and Larry will not have any capital loss on his Year 1 tax return.
Vickie will have a long-term gain of $2,000 on her Year 2 tax return and Larry will not have any capital loss on his Year 1 tax return. Answer D is...
All of the following are requirements for a payment to be alimony (under instruments executed after 1984), except A. Payments cannot be a transfer of services. B. Payments are not required after death of the recipient spouse. C. Payments are required by a divorce or separation instrument. D. Payments can be in cash or property.
D. Payments can be in cash or property. Answer (D) is correct. Sec. 215 allows a deduction for alimony or separate maintenance payments (Sec. 71)....
How much does Barry earn?
At the end of the year, the apartment buildings resulted in a $40,000 loss. Barry earned $80,000 in wages. His wife, Claire, earned $20,000 from her part-time job.
How many properties does Clarence own?
Clarence, a real estate professional, owned 10 rental properties. Clarence’s real estate activities are his sole occupation, which he works at all year. Throughout 2017, he was involved in the operation of all properties on a regular, continuous, and substantial basis.
Who is the founder of equity?
Equity was founded by real estate pioneer Sam Zell and is one arm of his diversified portfolio that also includes Equity Lifestyle Properties and Equity Commonwealth, which focus on manufactured home communities and commercial office properties, respectively.
How many apartments does Greystar manage?
They actually manage 451,180 apartments, good for more than 7 times as many apartments as they 62,045 they own.
Is Starwood Capital Partners publicly traded?
Starwood Capital Partners is the first company on the list that is not a publicly traded REIT. Additionally, they own approximately 17,000 units that are managed by other companies. Operating as a global private investment company, Starwood Capital Partneres is headquartered in Miami, FL, Starwood Capital Partner’s current CEO is Barry S.