James owns a home in Lake Tahoe, Nevada, that he rented for $1,675 for two weeks during
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James owns a home in Lake Tahoe, Nevada, that he rented for $1,675 for two weeks during the summer. He lived there for a total of 120 days, and the rest of the year, the house was vacant. The expenses for the home included $6,150 in mortgage interest, $930 in property taxes, $1,375 in maintenance and utilities, and $2,590 in depreciation.
How much rental income from the Lake Tahoe home would James report for the current year?
Related Book For
Fundamentals Of Taxation 2015
ISBN: 9781259293092
8th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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