Question
How would you enter this information in Schedule E and any other forms needed Phil inherited a river cottage from his parents when they died
How would you enter this information in Schedule E and any other forms needed
Phil inherited a river cottage from his parents when they died (May14, 2002) which he rents out during the year. Phil actively manages the rental. The cottage had cost his parents $10,000 ($1,000 land) in 1981; the FMV on May 14, 2002 was $95,000 ($10,000 land). The house has always been a rental property, and Phil and Jannie normally used it for two weeks for their vacation. In 2017 however, they used it for 30 days since they both took extended vacations. It was actually rented out for 207 days during 2017. It is located at 212 Mohawk Way, Albany, NY 13600. For 2017, Phil had the following income and expenses with respect to the rental property:
Rentals collected $30,710
Advertising 4,378
Cleaning and maintenance 819
Insurance 914
Repairs 504
Taxes 2,709
Miscellaneous 76
During 2017, he purchased new appliances for the home on May 6 costing $1,900; and installed a new roof on July 20 costing $12,500.
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