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1. Dick owns a house that he rents to college students. Dick receives $750 per month rent and incurs the following expenses during the year:

Real estate taxes $ 1,250
Mortgage interest 1,500
Insurance 375
Repairs 562
Association Dues 1,600
Dick purchased the house in 1975 for $48,000. The house is fully depreciated. Calculate Dick's net rental income for the year, assuming the house was rented for a full 12 months.

2. Phil and Linda are 25 year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not.

a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2010 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2010?

b. Assuming Phil's wages were $49,000 and Linda's wages were $63,000 for 2010 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2010?

Accounting Basics, Accounting

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