Joan owns and rents a cabin near a local ski resort. Her family used the cabin...
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Joan owns and rents a cabin near a local ski resort. Her family used the cabin for 40 days and rents the cabin for 60 days. It generates $13,000 of income. She has the following expenses (use 365 days for the year): Property Taxes $2,500 Mortgage Interest $5,000 Utilities $1,200 Insurance $500 Yard maintenance $1,500 Depreciation if property was 100% business $14,000 What is her total for AGI deduction related to the rental property? (Assume she wants to show a profit and does not want a loss.) Joan owns and rents a cabin near a local ski resort. Her family used the cabin for 40 days and rents the cabin for 60 days. It generates $13,000 of income. She has the following expenses (use 365 days for the year): Property Taxes $2,500 Mortgage Interest $5,000 Utilities $1,200 Insurance $500 Yard maintenance $1,500 Depreciation if property was 100% business $14,000 What is her total for AGI deduction related to the rental property? (Assume she wants to show a profit and does not want a loss.)
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Related Book For
Survey of Accounting
ISBN: 978-0078110856
3rd Edition
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor-Yi
Posted Date:
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