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5 Cards in this Set
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Dividends
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An individual receiving common stock for services rendered must recognize the fair market value as ordinary income. Any dividends received on that stock would also result in income recognition.
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Rental of vacation home when treated as personal
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rental < 15 days = treated as personal
ANY rental income is excluded from income any depreciation, utilities and repairs not deductible |
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Rental of vacation home when treated as personal/rental
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rental > 15 days AND used for personal for > of
14 days OR 10% of rental days any net loss from the rental of the property will be disallowed |
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Treatment of expenses in rental/personal (utilities, insurance and depreciation)
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prorate rental period/total annual USAGE
limited to the extent of income . Depreciation may be carried over to next year |
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Treatment of expenses in rental/personal ( taxes and mortgage interest)
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prorate rental period/total annual PERIOD
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