Joan owns and rents a cabin near a local ski resort. Her family used the cabin for 40 days and rents the cabin for 60 days. Joan does not qualify for active participation, and any losses will be limited by passive loss rules. It generates $13,000 of income. She has the following expenses (use 365 days for the year): • Property Taxes $2,500 • Mortgage Interest $5,000 • Utilities $1,200 • Insurance $500 • Yard maintenance $1,500 • Depreciation if property was 100% business $14,000 What is her total deduction related to the rental property? Assume she does not want any expenses to be limited by passive loss rules. Use the court method for allocating expenses. (Hint: I am looking for the sum of deductions, not the profit or loss. Just the amount of deductions that will be taken against the $13,000 rental income.) O $4,060 O $10,653 O $11,030 O $11,553

Joan owns and rents a cabin near a local ski resort. Her family used the cabin for 40 days and rents the cabin for 60 days. Joan does not qualify for active participation, and any losses will be limited by passive loss rules. It generates $13,000 of income. She has the following expenses (use 365 days for the year): • Property Taxes $2,500 • Mortgage Interest $5,000 • Utilities $1,200 • Insurance $500 • Yard maintenance $1,500 • Depreciation if property was 100% business $14,000 What is her total deduction related to the rental property? Assume she does not want any expenses to be limited by passive loss rules. Use the court method for allocating expenses. (Hint: I am looking for the sum of deductions, not the profit or loss. Just the amount of deductions that will be taken against the $13,000 rental income.) O $4,060 O $10,653 O $11,030 O $11,553

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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