Question
2.) Mr. Kubick owns a vacation home in Hilton Head. He rents the home out during June and July. This year, the rental activity resulted
2.) Mr. Kubick owns a vacation home in Hilton Head. He rents the home out during June and July. This year, the rental activity resulted in the following:
Rent Revenue $15,000
Home Mortgage Interest and Real Property Tax for June and July $7,250
Maintenance Expenses for June and July $5,500
MACRS Depreciation for June and July $12,000
How will she report the rental activity on Schedule E (i.e. show his net rental income calculation). Will he have any disallowed expenses that will be carried forward? If so, how much and what expense(s)?
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Taxation For Decision Makers 2019
Authors: Shirley Dennis Escoffier, Karen A. Fortin
9th Edition
1119497280, 978-1-119-4972, 1119497221, 9781119497226, 978-1119497288
