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During 2020, Bobby Brady rented his vacation home for 72 days and stayed in his vacation home for 28 days. Gross rental income from the
During 2020, Bobby Brady rented his vacation home for 72 days and stayed in his vacation home for 28 days. Gross rental income from the property was $8,200. Bobby incurred the following expenses: mortgage interest, $4,600; real estate taxes, $2,300; utilities, $950; maintenance, $450; and depreciation, $4,250.
Using the IRSs approach, compute:
- Bobbys net rent income or loss, showing all calculations (his realized amount).
- The amount(s), if any, that Bobby will report on his Schedule A as an itemized deduction.
- Any carryover amounts
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