(L04) Draymond owns a two-flat apartment building, where he resides in one apartment with 650 square feet...
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(L04) Draymond owns a two-flat apartment building, where he resides in one apartment with 650 square feet and rents out the other apartment that has 1050 square feet. Draymond had the following expenses in the current tax year:
Utilities | \(\( \$ \) 3,200) |
---|---|
Maintenance | \(\( \$ \) 3,400) |
Property taxes | \(\( \$ \) 2,800) |
Mortgage interest paid | \(\( \$ \) 4,900) |
Advertising | \(\( \$ \) 575) |
Depreciation expense on rental portion | \(\( \$ \) 5,500) |
If Draymond collects \(\( \$ \) 22,000\) in rental income, what is his net rental profit?
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Related Book For
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
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