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On March 1, 2014, Casey enters into a 36-month lease for a car valued at $36,400. Her monthly lease payment is $470, and she uses the car 75% for business.
Compute Bart's lease deduction and inclusion amounts for 2014-2016.
Drew uses MACRS to depreciate the warehouse and elects to use ADS to depreciate the apartment building.
What depreciation method and useful life are used to depreciate a home office placed in service in 2014? Explain.
What affect does this lease arrangement have on the amount Renee can deduct in 2014?
The same standard mileage rate is used for medical and for charitable contribution ?
The reimbursed expense was paid last year. The taxpayer took the standard deduction last year.
If an employee pays for a periodic medical checkup required by an employer, can the amount paid be deducted, and if so, is there any limitation? Explain.
What amount can Jose deduct as an itemized deduction on his 2014 tax return?
The rest is an ad valorem tax. Discuss the tax consequences to each of these taxpayers on their federal income tax returns.
The Hemphills own three homes. Their main home is located in Pittsburg. They also own condos in Las Vegas and Tampa
Discuss how much interest the Stephens are allowed to deduct if the excess proceeds from the refinancing are used to buy or improve their main home.
Determine the amount of points Lee may use as a 2014 interest deduction in connection with the two loans.
At the time of the refinancing, the Devons had unamortized points from the first loan of $18,000.
How much of the $11,900 can the Edlins deduct on their 2014 Schedule A? Be sure to discuss all options available to the Edlins.
How would your answer be different if Clark paid $32 for each ticket, when the usual admission charge per ticket was $20?
A taxpayer contributed land worth $190,000 to the City General Hospital. The land has been held for five years and had a basis of $72,000.
What amount may be claimed as an itemized deduction resulting from this contribution?
She also spent $160 for supplies necessary in conjunction with providing her services. Compute Toni's charitable deduction.
Determine the amount that the Wildes can report as a casualty loss deduction.
How would your answer to Part b. change if the Tavels had insured the artwork and received $7,500 from the insurance company for their loss?
Under what circumstances can a taxpayer control the timing of payments that are deductible as itemized deductions?
The Tylers used thrift store value to value their items. Go to the IRS website and locate Form 8283, Noncash Charitable Contributions.
For the purpose of determining whether a travel expense is allowed, the "tax home" is the place where the taxpayer lives most of the year.
Assuming Lee is not reimbursed for her mileage, under the standard method her employee business expense deduction would be $5,600 .