Rental loss, Financial Accounting

Jane makes a living renting expensive state of the art surveillance equipment to detectives and nervous spouses. Her average rental period is 27 days. The rental price includes all the technical help the user requires. Her people frequently help set up the equipment and are willing to help the customer in any way. The IRS should classify this activity as "not a rental activity" for the purposes of the passive activity rules.

Nate owns a 8% interest in a rental. He is active with respect to the rental. His only income for 2009 is a $50,000 of salary and a $3,000 loss from the rental. He can deduct all of the rental loss against his salary.

Jerry Jones rented out his home for 12 days last year. For this he received $21,500 of rental income. Jerry can exclude the rental income from gross income.

Posted Date: 3/25/2013 2:52:54 AM | Location : United States







Related Discussions:- Rental loss, Assignment Help, Ask Question on Rental loss, Get Answer, Expert's Help, Rental loss Discussions

Write discussion on Rental loss
Your posts are moderated
Related Questions
Question 1: (a) "MTEF is about resource control, resource allocation and resource utilization." You are required to identify and discuss the different stages of MTEF. (N

In actual life cash flows occurring above a period of time are frequently uneven. For illustration, the dividends declared through the companies will change from year to year, as s

A parent has had a controlling interest of 60% in its subsidiary for a number of years. Below are financial statement extracts of the two companies for the year ended 30 June 20

Define reasons that influence a firm's degree of transaction exposure? What reasons influence a firm's degree of ‘transaction exposure' in a certain currency? For each reason d


Q. Show example of Internal rate of return? IRR (Internal rate of return) is a discounted cash flow investment appraisal method that calculates the discount rate which causes th

Red Herring -‘Pre-release' PROSPECTUS offering. An announcement of a future issuance of SECURITIES, given restricted circulation during waiting period of 20 days or other specified

Brushy Mountain Mining Company's ore reserves are being depleted, so its sales are declining. Also, its pit is getting deeper every year, so its costs are rising. As a result, the

How do you report a note in exchange for treasury stock