Brady owns a second home that he rents to others. During the year, he used the second home for 50 days for personal use and for 100 days for rental use. Brady collected $20,100 of rental receipts during the year. Brady allocated $7,100 of interest expense and property taxes, $10,050 of other expenses, and $4,020 of depreciation expense to the rental use. What is Brady's net income from the property and what type and amount of expenses will he carry forward to next year, if any? 

Answer rating: 100% (QA)

To calculate Bradys net income from the property we need to determine the rental income and deductib... View the full answer