Graw6:33connect®3.Award: 9.09 pointsProblem 8-35 (LO 8-2)cancelprintIn the current year, Sandra rented her vacation home for 75 days, used it for personal usefor 22 days, and left it vacant for the remainder of the year. Her income and expensesbefore allocation are as follows:Rental incomeReal estate taxesUtilitiesMortgage interestDepreciationRepairs and maintenanceRequired:$ 15,0002,0001,5003,8007,2001,300What is Sandra's net income or loss from the rental of her vacation home? Use the TaxCourt method.Note: Round your intermediate computations to 5 decimal places and final answersto nearest whole dollar value.Rental incomeReal estate taxesUtilitiesMortgage interestRepairs and maintenanceDepreciationNet rental incomeReferencesProblemSchedule ESchedule A$0Difficulty: 3 HardProblem 8-35 (LO 8-2) Learning Objective: 08-02AAUnderstand how to reportpersonal use of a rentalproperty (vacation home).© 2024 McGraw-Hill Education. All rights reserved.ezto.mheducation.com

The total days of use is the sum of the days the property was rented and the days it was used for…

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SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 55P

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Question

Graw
6:33
connect®
3.
Award: 9.09 points
Problem 8-35 (LO 8-2)
cancel
print
In the current year, Sandra rented her vacation home for 75 days, used it for personal use
for 22 days, and left it vacant for the remainder of the year. Her income and expenses
before allocation are as follows:
Rental income
Real estate taxes
Utilities
Mortgage interest
Depreciation
Repairs and maintenance
Required:
$ 15,000
2,000
1,500
3,800
7,200
1,300
What is Sandra's net income or loss from the rental of her vacation home? Use the Tax
Court method.
Note: Round your intermediate computations to 5 decimal places and final answers
to nearest whole dollar value.
Rental income
Real estate taxes
Utilities
Mortgage interest
Repairs and maintenance
Depreciation
Net rental income
References
Problem
Schedule E
Schedule A
$
0
Difficulty: 3 Hard
Problem 8-35 (LO 8-2) Learning Objective: 08-02
AA
Understand how to report
personal use of a rental
property (vacation home).
© 2024 McGraw-Hill Education. All rights reserved.
ezto.mheducation.com

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