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Video instructions and help with filling out and completing Will Form 4797 Careers

Instructions and Help about Will Form 4797 Careers

My students, I thought you might want to see my puppies before we get started. - On a cute frosty and that one is Gigi, the black why didn't phase the sunshine, and the other one is peaches. - Peaches, okay, well today we're gonna have a video lesson. - What I want us to look at is the Schedule E. - It is posted on Wolf's tin, so if you will go to your Wolf's den page and pull up Schedule E and print out two copies, work one with me. - Also, I have a problem sheet, Schedule E problems. This is what we're going to work through today. - This is on rental income and you put rental income and loss on Schedule E, so that's what we're going to look at. - We'll do one in class and they're playing, so anyway we'll just muddle through this today. - Okay, I don't have a babysitter, so I have to work with them. - Okay, let's take a look at what the problem says. - It says the bungees on a ski condo in Utah. - It was rented for 40 days and used by the bungees for 10. - So the information that follows relates to it. There was $6,000 in rental income, mortgage interest $4,800, homeowners dues $2,000, utilities $1,000, and maintenance of $2,800. - Now it says that this does not reflect an allocation between rental and personal. - If you remember from the problems in the PowerPoint, when they rent it for a certain number of days, then we have to do an allocation. - If it's used personally and for rental, it's more or less dual income. So we have to do an allocation here. - And if that rental period is less than ten days, it's more or less considered to be rental property rather than personal...