Sherry rents her vacation home for six months and lives in it for six months during the
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Sherry rents her vacation home for six months and lives in it for six months during the year. Her gross rental income during the year is $6,000. Total real estate taxes for the home are $2,200, and interest on the home mortgage is $4,000. Annual utilities and maintenance expenses total $2,000, and depreciation expense is $4,500. Calculate Sherry’s deductible depreciation, the net income or loss from the vacation home, and the loss carryforward, if any.
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Related Book For
Income Tax Fundamentals 2023
ISBN: 9780357719527
41st Edition
Authors: Gerald E. Whittenburg, Steven Gill
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