James owns a home in Lake Tahoe. Nevada, that he rented for $6,500 for 40 days during the summer. He lived there for a total of 120 days, and the rest of the year the house was vacant. The expenses for the home included $6,950 in mortgage interest, $1,280 in property taxes, $2.060 in maintenance and utilties, and $3,830 in depreciation. What is his net income or loss from the rental of his home (without considering the passive loss limitation)? Use the IRS method for allocation of expenses Multiple choice $6,500 net income 50 Multiple Choice $6,500 net income. $0. $2,970 net income. $7,620 net loss