Top Posters
Since Sunday
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
Sheena Maskell Sheena Maskell
wrote...
Go to Answer
Posts: 1902
Rep: 44 0
7 years ago
Nikki is a single taxpayer who owns a vacation cottage on the lake. During the year, she rented it for $2,000 for 14 days, lived in it for 56 days, and left it vacant the remainder of the year. The year's expenses amounted to $5,000 interest expense, $800 property taxes, $1,500 utilities and maintenance, and $2,400 depreciation. Using the IRS method of allocating expenses, and assuming that Nikki has other itemized deductions of $9,000 after appropriate limits and AGI of $100,000, what is Nikki's taxable income in 2010?
A) $81,550
B) $85,200
C) $86,000
D) $87,350
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
Read 339 times
4 Replies
Replies
Answer verified by a subject expert
Yoko900Yoko900
wrote...
#1
Top Poster
Posts: 1876
Rep: 52 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Sheena M. Author
wrote...
#2
7 years ago
Perfect Person Raising Both Hands in Celebration
wrote...
#3
6 years ago
Hi, do u know answer for this question? Please let me know. Thanks
wrote...
#4
3 years ago
thank you!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1217 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 102
  
 1466
  
 552
Your Opinion
How often do you eat-out per week?
Votes: 79
Previous poll results: Which industry do you think artificial intelligence (AI) will impact the most?