www.acc401assist.com
Ch8.
33. Ramone is a tax attorney and he also owns an office building that
he rents for $8,500 /month. He is responsible for paying all taxes and
expenses relating to the building’s operation and maintenance. Is
Ramone engaged in the trade or business of renting real estate?
34. Kelvin owns and lives in a duplex. He rents the other unit for $750
per month. He incurs the following expenses during the current year
for the entire property:
How are the expenditures treated for tax purposes? On what tax
form(s) are these amounts reported?
35. In the current year, Sandra rented her vacation home for 75 days,
used it for personal use for 22 days, and left it vacant for the
remainder of the year. Her income and expenses are as follows: