Barb earned rent income from her condo by renting the second room to someone during 2021. She lives in the other bedroom and plans to share the expenses 50% between the two (2) bedrooms in her condo. The rest of the details of the rent activities are as follows: Rent income (12 months) $4,550Repairs (Bathroom and Kitchen) $820Utilities (100% for the condo) $1,080Fixtures and decorations $350 What is Barb’s net rental income for 2021 that will be reported on her tax return? _____________

When a person earns the rental income by rental pools then he/she will be allowed to deduct the…

Answered: Barb earned rent income from her condo…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Barb earned rent income from her condo by renting the second room to someone during 2021. She lives in the other bedroom and plans to share the expenses 50% between the two (2) bedrooms in her condo. The rest of the details of the rent activities are as follows:

Rent income (12 months) $4,550

Repairs (Bathroom and Kitchen) $820

Utilities (100% for the condo) $1,080

Fixtures and decorations $350

What is Barb’s net rental income for 2021 that will be reported on her tax return? _____________

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