Question

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 $ ____________


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  • CreatedJuly 16, 2015
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