Lester rents his vacation home for 6 months and lives in the home during the other 6
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Question:
Lester rents his vacation home for 6 months and lives in the home during the other 6 months of 2018. The gross rental income from the home is $4,500. For the entire year, real estate taxes are $800, interest is $3,000, utilities and maintenance expenses are $2,200, and depreciation expense on the entire home would be $4,000. What is Lester's allowable net loss from renting his vacation home
a. $3,000 loss
b. $250 loss
c. $5,500 loss
d. $500 loss
e. None of these choices are correct
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
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