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Darren and Nikki own a cabin in Mammoth. California. During the year, they rented it for 45 days for $10,100 and used it for 12
Darren and Nikki own a cabin in Mammoth. California. During the year, they rented it for 45 days for $10,100 and used it for 12 days for personal use. The house remained vacant for the remainder of the year. The expenses for the house included $8.825 in mortgage interest, $2,330 in property taxes, $1,750 in utilities, $970 in maintenance, and $4,550 in depreciation. What is their net income or loss from their cabin rental (without considering the passive loss limitation)? Use the IRS method for allocation of expenses. Multiple Choice $4.446 net los5: $8,325 ret loss. Multiple Choice $4,446 net loss. $8,325 net loss. $10,100 net income. $0
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