1 answer

During 2019, Phoebe rented her vacation home for 75 days and stayed in his vacation home...

Question:

During 2019, Phoebe rented her vacation home for 75 days and stayed in his vacation home for 25 days. Gross rental income from the property was $8,200. Phoebe incurred the following expenses: mortgage interest, $4,600; real estate taxes, $1,300; utilities, $950; maintenance, $450; and depreciation, $4,000.

      Using the IRS’s approach, compute Phoebe’s net rental income or loss, showing all calculations.


Answers

Solution Computation of Phoeves not rental income Gross Rental Income of Property $8200 (-) Mortgage Interest $ 4600 c) Realproperty used for personal purposes for more than rudays or 10% of days created whichever is greater, then will we treated as

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