# harold__petersan__and_sarah__peter...

Jun 2nd, 2015
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harold__petersan__and_sarah__peter...

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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

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