Liam hermandes 38 paid 112000 for a single family home in july 1 2020 and immediately placed in a service as a residential rental property at thentime the land was valued at 10000 the property generate 6000 in rental imcome for the year liam only expenses consisted of depreciation 500 in insurance and 750 in real estate Liam is not a real estate professional but he does actively participate in his rental estate activity he did not provide and personal services during the year although he have notified his tenant that he will make minor repairs to priperty as needed liam have no passive income or losses . What should liam claim for depreciation on his rental property for 2020? What should liam report for his rental real estate and royalty income?
Liam hermandes 38 paid 112000 for a single family home in july 1 2020 and immediately placed in a service as a residential rental property at thentime the land was valued at 10000 the property generate 6000 in rental imcome for the year liam only expenses consisted of
Liam is not a real estate professional but he does actively participate in his rental estate activity he did not provide and personal services during the year although he have notified his tenant that he will make minor repairs to priperty as needed liam have no passive income or losses .
What should liam claim for depreciation on his rental property for 2020?
What should liam report for his rental real estate and royalty income?
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