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Donald is a lawyer in San Francisco. He bought a condo in Harrah's high rise building with a gorgeous view of Lake Tahoe. He uses
Donald is a lawyer in San Francisco. He bought a condo in Harrah's high rise building with a gorgeous view of Lake Tahoe. He uses the condo for a full week every other month and rents it during the rest of the year for 323 days (assume not a leap year). The rental income is $24,000. He has the following annual expenses: mortgage interest $20,300, property tax $5,000, repairs and maintenance $2,400, insurance $800, boat rental for a party $500, meals out with friends $600, and gambling expense $5,000. What does Donald report on his Schedule E?
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