Careen owns a condominium near Newport Beach in California
Question # 00153996
Posted By:
Updated on: 12/16/2015 11:17 PM Due on: 12/17/2015
Careen owns a condominium near Newport Beach in California. This year, she incurs the following expenses in connection with her condo:
| Insurance | $1,500 |
| Mortgage interest | 8,500 |
| Property taxes | 4,000 |
| Repairs | 950 |
| Utilities | 1,900 |
| Depreciation | 5,500 |
During the year, Careen rented the condo for 90 days, receiving $20,000 of gross income. She personally used the condo for 50 days. Assuming Careen uses theIRSmethod of allocating expenses to rental use of the property. What is Careen's net rental income for the year?
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Rating:
/5
Solution: Careen owns a condominium near Newport Beach in California