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Hi,
I was wondering what are the reporting requirements for inheriting an old house that is not generating income in a foreign country? What form do I have to file?
Thank you
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I hope these two sites can provide some useful information for you.
Frequently Asked Questions - 1.3 Amended Returns & Form 1040X
Telephone Assistance - Contact info
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The minimum filing requirements for married file jointly with one spouse 65 or older is $18,550 of gross income. You would have to file a tax return this year because you have gross income of...
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They are the same form but the 1040a is a shorter version of 1040. In order for you to file the 1040a you have to meet the following:
1. You only had income from the following sources:
Wages,...
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Cash $2000
Dividend Income $2000
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1. Increase in liability
Debt - Dividend declared Credit _ dividend payable
2. Increase in Expense
Debt - Depreciation expense Credit - Accumulated depreciation
3. Not sure -...
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100 * $200 = $20,000
300 * $224 = $67,200
250 * $235 = $58,750
50 * $238 = $2,383
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700 $148,336 (COGS)
The remaining balance in the inventory...
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A debit to Allowance for doudtful account for $4,000
A credit to Accounts receivable of $4,000
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I'm sorry I only see the question for part B, which is:
New Computer : $90,000
Minus Salvage : $15,000
Equals : $75,000
Depreciatiion expense for one year is: $75,000/3 =...
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The dependent deduction for 2007 is $3400 per dependent.
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Machine cost: 30,000
Minus Salvage: 6000
Balance: 24,000
Straight line method of depreciation means that every year the amount of the depreciation is the same, so:
24,000/ 10 years =...
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I hope this is correct... I believe it is.
1. earned
2. 2001 - cash basis, revenue is recognized when cash is received
3. 2000 - because he is on accrual bases, which means expense is recored when...
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