Review Gaytor’s 2023 return (Cumulative Problem at the end of chapter) and its r

Accounting

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  1. Review Gaytor’s 2023 return (Cumulative Problem at the end of chapter) and its related tax return solution (I uploaded the tax return for your review study)Links to an external site.. Select one taxable issue of Gaytor as it relates to itemized deduction. Explain all tax relevant issue of that selected topic, referenced back to Gaytors return (so I know you review the return). Summarize how is that information is being reported and flow from the originated form to the 1040 of the chapter’s Gaytor tax return
  2. Gaytor has this crazy idea, he thinks that effective 1/1 of next year, he will move out of his primary residence and will rent a condo (paying $1000/month = $12000/yearl) because he just hate mowing the lawn. Instead, he will rent this primary residence out, earning $1500/month =$18000/year). He said that “all house/living expenses are approx. $10,000 a year in addition to whatever reported on the tax return.” He seeks his tax-related advice. What question would you ask and what general tax concerns that you may have to derive to your conclusion?
  3. See pink chart below. Discuss the various residential-related expenses using some expenses noted above. Let’s assume the above is the expense of your only home. Discuss whether this expense is deductible, and how to record the deductions in the tax return, and rank based on its advantageous in terms of tax deductibility. What other more info that you need to ask?
    • (a) You are a W-2 wage earner working remote (at home).
    • (b) You are an 1099 independent contractor working as an outsourced accountant.
    • (c) You live in the house and you also have a rental house. You have no other income source (other than being a landlord and living off your savings during this leap year).
  4. SELECT ONE:
    1. Glenn, Gaytor’s brother, owns a lake home (vacation home). During the year he rented the home for $4,000 for 2 weeks, lived in the home for 3 months, and left the home vacant during the remainder of the year. The expenses for the lake home included $15,000 in mortgage interest, $7,000 in property taxes, $12,100 in utilities and maintenance, and $13,000 in depreciation.Is this home used primarily for personal use, rental use, or a combination? What income does he need to report, and what deductions can he claim? What are examples of specific changes that would make this fit into each of the other two categories?,
    2. What advise on tax planning (in relation to the residential expenses) will you be able to offer to yourself when you move out of your parents house on the first time and live in your rental (or your first home)!
    3. What tax credits maybe available for a typical American who earn income and may own a home? Select one credit, make any assumption about that individual, and discuss the tax laws and benefits.

    list out the discussion prompts as #1…., #2 …., #3 …..