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Janet owns a home at the lake. She incurs the following expenses: Mortgage interest Property taxes Insurance Utilities $1,700 1,000 1,800 2,100 400 4,400
Janet owns a home at the lake. She incurs the following expenses: Mortgage interest Property taxes Insurance Utilities $1,700 1,000 1,800 2,100 400 4,400 Repairs Depreciation Required: What is the proper treatment of the rental income and expenses in each of the following cases? Use the Tax Court allocation method, if applicable. Note: Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value. Rental Case Income Days Rented Personal Use Days A $ 10,000 45 10 13,000 55 25 7,000 10 30 D 23,000 365 Income Mortgage interest Property taxes Insurance Utilities Repairs Depreciation Rental income Case A Case B Case C Case D Schedule E Schedule A/No Deduction Schedule E Schedule A/No Deduction Schedule E +
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