Single Problem

Get Single Problem Homework Help from Experts

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Are drapes for a rental an expense or is it amortized over 5…

Are drapes for a rental...
Are drapes for a rental an expense or is it amortized over 5 years?
Show More
Show Less
Ask Your Own Single Problem Question
Answered in 1 hour by:
3/13/2018
F. Naz
F. Naz, B.Com
Category: Single Problem
Satisfied Customers: 5,491
Experience: Have completed B.Com and CA Finalist
Verified

What is your deadline, thanks.

Ask Your Own Single Problem Question

If you are asking tax treatment of drapes in rental property then any asset which has a life of more than 1 year will be amortized or depreciated

Please read the following as it will provide you more clear picture:-

Repairs and Improvements

Generally, an expense for repairing or maintaining your rental property may be deducted if you aren’t required to capitalize the expense.

Improvements.

You must capitalize any expense you pay to improve your rental property. An expense is for an improvement if it results in a betterment to your property, restores your property, or adapts your property to a new or different use. Table 1-1 shows examples of many improvements.

Betterments.

Expenses that may result in a betterment to your property include expenses for fixing a pre-existing defect or condition, enlarging or expanding your property, or increasing the capacity, strength, or quality of your property.

Restoration.

Expenses that may be for restoration include expenses for replacing a substantial structural part of your property, repairing damage to your property after you properly adjusted the basis of your property as a result of a casualty loss, or rebuilding your property to a like-new condition.

Reference :- https://ttlc.intuit.com/questions/3875201-can-i-deduct-expenses-of-linens-bedding-drapes-etc-on-a-vacation-home-rental-property

Reference :- https://www.irs.gov/publications/p527

Note:- If you found my service helpful then kindly accept or rate my answer as this is the way to get credits for my efforts, thanks.

F. Naz
F. Naz, B.Com
Category: Single Problem
Satisfied Customers: 5,491
Experience: Have completed B.Com and CA Finalist
Verified
F. Naz and 87 other Single Problem Specialists are ready to help you
Ask your own question now
Customer reply replied 5 months ago
Thank you
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a business tutorLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask F. Naz Your Own Question
F. Naz
F. Naz
F. Naz, B.Com
Category: Single Problem
Satisfied Customers: 5,491
5,491 Satisfied Customers
Experience: Have completed B.Com and CA Finalist

F. Naz is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.

JustinKernersville, NC

Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around.

EstherWoodstock, NY

Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know.

RobinElkton, Maryland

He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here.

DianeDallas, TX

< Previous | Next >

Meet the Experts:

linda_us

linda_us

Master's Degree

787 satisfied customers

A tutor for Business, Finance, Accounts and other related topics.

Manal Elkhoshkhany

Manal Elkhoshkhany

Bachelor's Degree

526 satisfied customers

Finished my BA degree with a GPA of 4.0.

F. Naz

F. Naz

B.Com

5,491 satisfied customers

Have completed B.Com and CA Finalist

Mr. Gregory White

Mr. Gregory White

Master's Degree

279 satisfied customers

M.A., M.S. Education / Educational Administration

Bizhelp

Bizhelp

CPA

265 satisfied customers

BA degree and Certified Public Accountant

Dave CPA

Dave CPA

Accountant

98 satisfied customers

Sound knowledge base in accounting and finance.

MyVirtualCPA

MyVirtualCPA

Master's Degree

96 satisfied customers

Master's Degree in Accounting with excellent math and reasoning skills

< Previous | Next >

Related Single Problem Questions
On the de minimis safe harbor election, I read this article
hi Barbara, on the de minimis safe harbor election, I read this article that seems to place some limitation on these type deductions when we are dealing with a new construction which we are in my case… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,641 satisfied customers
I'm having a hard time figuring out how to come up with
I'm having a hard time figuring out how to come up with amounts for this questions. Can you help? May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. oCT31 Recorded the payment of semiannual interest on the bonds issued on May 1 and the amortization of the premium for six months. The amortization is determined using the straight-line method. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am self-employed. I relocated temporarily to so I can work
I am self-employed. I relocated temporarily to Virginia so I can work while my home recovers from hurricane. I read the IRS allows deductions for temporary housing and transportation costs as business… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,641 satisfied customers
Purchased a rental house for $250,000. he put down $50,000
thomas purchased a rental house for $250,000. he put down $50,000 closing took out a mortgage for the balance of $200,000. at closing he paid $4,000 points, $3,000 for transfer taxes and legal fees, a… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Instructions: Use a spreadsheet such as Excel to answer
Instructions: Use a spreadsheet such as Excel to answer requirements A-E below. Then write your comments to answer requirement F. Print your results to parts A-E, and then on a separate page print the… read more
F. Naz
F. Naz
B.Com
CA Finalist & Completed B.com
5,491 satisfied customers
You are the head of the Huffman Trucking accounting department.
You are the head of the Huffman Trucking accounting department. The chief executive officer (CEO) has asked you to prepare a financial report addressing long-term financial needs. Resource: Virtual Or… read more
F. Naz
F. Naz
B.Com
CA Finalist & Completed B.com
5,491 satisfied customers
The other day you helped me with my situation of owning a C
The other day you helped me with my situation of owning a C corporation and running it out of my home. As you explained, the rental income from the C corporation was nonpassive. However, do the rental… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Analyse and evaluate ‘new product project and compile in memo
Analyse and evaluate ‘new product project' and compile in memo format the following: • Table of figures; • Evaluation method(s) chosen; • Explanation of analysis; • Initial project recommendation; • S… read more
F. Naz
F. Naz
B.Com
CA Finalist & Completed B.com
5,491 satisfied customers
Citing relevant primary authority, please answer the question
Citing relevant primary authority, please answer the question below: My client anticipates renting out his home for inauguration weekend and wants to know how he should treat the rent on his tax retur… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,641 satisfied customers
hey, I have an accounting assignment, i have to look at Urban
hey, I have an accounting assignment, i have to look at Urban outfitters Company's annual reports and find these couple of questions: "where does the company report depreciation and amortization on it… read more
Dave CPA
Dave CPA
Accountant
Master's Degree
98 satisfied customers
The following financial information is made available to you
The following financial information is made available to you by the management of TrueFinance Co. 1.At the beginning of 2009, the company purchased equipment for $700,000(salvage value of $50,000) tha… read more
MyVirtualCPA
MyVirtualCPA
Master's Degree
Master's Degree
96 satisfied customers
Noah and Joan Arc live with their family at 5454 Josie Jo,
Noah and Joan Arc live with their family at 5454 Josie Jo, Santee, California 93451. Noah's SS # XXXXX XXXXX: Joan's is XXX-XX-XXXX. Noah owns and operates a veterinarian practice and Joan is a firefi… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
76 satisfied customers
E12-4 (Intangible Amortization) Presented below is selected
E12-4 (Intangible Amortization) Presented below is selected information for Palmiero Company. 1. Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2010. The patent is being amort… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Bachelor's Degree
526 satisfied customers
KellyV2012On 1/1/11, Foley Co. (as lessor) entered into
KellyV2012 On 1/1/11, Foley Co. (as lessor) entered into a noncancelable lease agreement with Pinkley Co. for machinery which was carried on the accounting records of Foley at $4,530,000, and had a ma… read more
Mohammad Ali
Mohammad Ali
Accounts & Audit Officer
Master\u0027s Degree
278 satisfied customers
for neo 14) When the effective-interest method of bond discount
for neo 14) When the effective-interest method of bond discount amortization is used A. the applicable interest rate used to compute interest expense is the prevailing market interest rate on the date… read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
13) A corporation issued $600,000, 10%, 5-year bonds on January
13) A corporation issued $600,000, 10%, 5-year bonds on January 1, 2011 for 648,666, which reflects an effective-interest rate of 8%. Interest is paid semiannually on January 1 and July 1. If the corp… read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
E21-3 (Lessee Entries, Capital Lease with Executory Costs and
E21-3 (Lessee Entries, Capital Lease with Executory Costs and Un-guaranteed Residual Value) Assume that on January 1, 2012, Kimberly-Clark Corp. signs a 10-year non-cancelable lease agreement to lease… read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
For business Tutor, 5. Beech Corporation, an accrual basis
For business Tutor, 5. Beech Corporation, an accrual basis taxpayer, was organized and began business on July 1, 2010. During 2010, the corporation incurred the following expenses: State fees for inco… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Bachelor's Degree
526 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x