ASHFORD ACC 401 Week 3 Assignment Real Estate for Home and Business

May 8th, 2015
Studypool Tutor
Price: $5 USD

Tutor description

ASHFORD ACC 401 Week 3 Assignment Real Estate for Home and Business

Word Count: 750
Showing Page: 1/4
Ch.639. David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows:income from consulting business4,000consulting expenses other than home office1,500total costs relating to home:interest and taxes 6,500Utilities1,500Maintenance and repairs450Depreciation (business part only)1,500Calculate Davids AGI25% off income from consulting business4,000consulting expenses other than home office1,500total costs relating to home:interest and taxes 6,5001625Utilities1,500375Maintenance and repairs450113Depreciation (business part only)1,500387total deduction $2500Depreciation on schedule A took 75% deduction, the highest is 387. Calculate Davids AGI: $45,000 + (4,000- 1,500-2,500) = $45,00043. Janet purchased her personal residence in 2001 for $250,000. In January 2010 she converted it to rental property. The fair market value at time of conversion was $210,000.A. Determine the amount of cost recovery that can be taken in 2010:Using straig

Review from student

Studypool Student
" awesome work thanks "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1830 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors