Question: What would be entered on line 18 on schedule E? (depreciation expense) . Noah and Joan own a condo and use it as a rental
What would be entered on line 18 on schedule E? (depreciation expense)
. Noah and Joan own a condo and use it as a rental property. The condo is located at 16 Oakwood Ave, Unit A, Dayton, OH 45409. Noah provides the management services for the rental including selection of tenants, maintenance, repairs, rent collection, and other services as needed. On average, Noah spends about 2 hours per week on the rental activity. It was rented for 365 days. The revenue and expenses for the year are as follows:
Rental income
$14,000
Insurance
600
Interest expense
5,700
Property taxes
1,000
Miscellaneous expenses
700
The home was acquired for $82,500 in 2004. No improvements have been made to the property.
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