Bill McDonald, a cash-basis taxpayer, is the owner of a house with two identical apartments. He resides in one apartment and rents the other apartment to a tenant under a 5-year lease dated March 1, 2016, and expiring on February 28, 2021. The tenant made timely monthly rental payments of $500 for the months of January through November 2018. Rents for December 2018 and January 2019 were paid by the tenant on January 5, 2019. The following additional information for 2018 was available: Fuel and utilities $3,600 Depreciation of building 3,000 Maintenance and repairs (rental apartment) 400 Insurance on building 600 What amount should McDonald report as net rental income for 2018

Answers

Answer 1

Answer:

$6,000

Explanation:

Monthly rental payments: $500 x 12 = $6,000

Although the December 2018 payment was not paid in 2018, it was recorded too.

Bill is a cash-basis taxpayer; hence, his net rental income is not deducted other relating expenses like depreciation, maintenance and repairs, insurance fee. Fuel and utilities are not relating expense.

Related Questions

Marina ha disfrutado de su dieta / improbable Es improbable que Marina haya disfrutado de su dieta. Question 1 with 1 blankMuchas niñas jóvenes han estado a dieta / terrible Question 2 with 1 blankUstedes no han llevado una vida sana hasta ahora / triste Question 3 with 1 blankLos jugadores no han hecho ejercicios de estiramiento / una lástima Question 4 with 1 blankNosotros hemos aumentado de peso este verano / probable Question 5 with 1 blankAlgunos doctores del hospital han fumado en público / ridículo Question 6 with 1 blankMi esposo no ha engordado más / me alegro de Question 7 with 1 blankNunca he aliviado el estrés en mi trabajo / siento Question 8 with 1 blankTú y tu amiga se han mantenido en buena forma / qué bueno Ask your instructor Select reference tools. DICTIONARY VOCABULARY TOOLS áéíñóúü¿¡ ALL CAPS

Answers

1. . Marina ha disfrutado de su dieta / improbable

Es improbable que Marina haya disfrutado de su dieta.

2. Muchas niñas jóvenes han estado a dieta / terrible

Es terrible que muchas niñas jóvenes hayan estado a dieta.

3. Ustedes no han llevado una vida sana hasta ahora / triste

Es triste que ustedes no hayan llevado una vida sana hasta ahora.

4. Los jugadores no han hecho ejercicios de estiramiento / una lástima

Es una lástima que los jugadores no hayan hecho ejercicios de estiramiento.

5. Nosotros hemos aumentado de peso este verano / probable

Es probable que nosotros hayamos aumentado de peso este verano.

6. Algunos doctores del hospital han fumado en público / ridículo

Es ridículo que algunos doctores del hospital hayan fumado en público.

7. Mi esposo no ha engordado más / me alegro de

Me alegro de que mi esposo no haya engordado más.

8. Nunca he aliviado el estrés en mi trabajo / siento

Siento que nunca hayas aliviado el estrés en tu trabajo.

9. Tú y tu amiga se han mantenido en buena forma / qué bueno

Qué bueno que tú y tu amiga se hayan mantenido en buena forma.

Nueva York está encima de Los Angeles. Las plumas están sobre el escritorio. La cafetería está al lado de la residencia estudiantil. México está a la izquierda de los Estados Unidos. Los pasajeros están debajo del autobús.

Answers

Answer:

Translated from Spanish language:

"New York is above Los Angeles. The pens are on the desk. The cafeteria is next to the student residence. Mexico is on the left of the United States. The passengers are under the bus."

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