Part A of homework #8
Johnny, a cash-basis taxpayer, owns two rental properties. For each of the transactions described below, determine the amount of income from the rental properties that Johnny must include in his 2021 gross income.
For each item, enter the appropriate amounts in the associated cells. If the amount is zero, enter a zero (0).
1. Property A: security deposit of $1,000 on 1-year lease received February 1, 2021. The entire deposit was returned at lease end. 2. Property A: $1,400 received February 1, 2021, for last month of lease (February 2022). 3. Property A: rent of $15,400 received in 2021 for February to December 2021. 4. Property A: tenant paid $350 in November 2021 for property repairs, with no reduction in rent paid. 5. Property B: rent of $18,000 received in 2021 for January to December 2021. 6. Property B: security deposit of $1,500 received January 1, 2021, to be used for last month’s rent. 7. Property B: rent of $1,600 for January 2022 received December 28, 2021. 8. Property B: tenants paid a painting contractor $2,500 to paint the property’s interior in June 2021. Part B of homework #8
Go to the IRS.gov website and locate Schedule E – Supplemental Income and Loss. Complete Part 1 – Income or Loss for Rental Real Estate and Royalties. Make up your own facts to complete Part 1 of the form. Show rental income as $1,000 per month and list at least five annual expenses related to the rental property. Submit both Part A (from above) and Part B (your completed Schedule E)
Property b: rent of $18,000 received in 2021 for january to december 2021.
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Part A of homework #8
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