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During the year (not a leap year), Anna rented her vacation home for 30 days, used it personally for 20 days, and left it vacant
During the year (not a leap year), Anna rented her vacation home for 30 days, used it personally for 20 days, and left it vacant for 315 days. She had the following income and expenses: Rent income Expenses 2,500 $7,000 Real estate taxes Interest on mortgage 9,000 Utilities 2,400 1,000 Repairs Roof replacement (a capital expenditure) Depreciation 12,000 7.500 If an answer is zero, enter "0". Assume a 365-day year. In your computations round any fractions to four decimal places. Round your final answer to the nearest dollar. a. Compute Anna's net rent income or loss and the amounts she can itemize on her tax return, using the court's approach to allocating property taxes and interest. In the table below, if an expense is an itemized deduction select "Yes", otherwise select "No". Real property taxes Utilities Repairs No Yes Depreciation Roof replacement Mortgage interest Anna has itemize deductions of s Compute Anna's taxable net rent income or deductible rental loss. b. How would your answer in part (a) differ using the IRS's method of allocating property taxes and interest? Anna has 1 of itemize deductions related to these expenses and her taxable net rent income or deductible rental loss is
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