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. ]
Rental income                                 $____________
Expenses:
__________________________                ____________
__________________________                ____________
__________________________                ____________
__________________________                ____________
__________________________                ____________
Net rental income                         $ ____________