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? _____________
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? _____________
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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