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    Income Tax: Form 4797 and Form 4562 detail schedules

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    I have completed this practice problem minus the depreciation that I am having issues calculating. I need all the depreciation calculations for the assets associated with this problem before I can move on to the next one. If you could include the depreciation schedules from the tax return that would be helpful! please explain how you calculated it so I can learn how! Specifically, I need the calculations for 1040 line 14 (4797 I think) & depreciation from schedule C (it's a separate schedule for depreciation on line

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    Solution Preview

    1. 2.7.B discusses his little business. I assume the problem intends to have the business show no profit or loss because of Sec 183, hobby loss rules. Depreciation is mentioned but it has been ignored for these calculations for lack of sufficient information.

    2. 2.7.C supplies information about the vacation home. Any possible depreciation has been ignored for ...

    Solution Summary

    The solution includes both an explanation of the depreciation entries plus a spreadsheet with entries. The gain calculation on Form 4797 is included as an attachment.