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Janet owns a home at the lake. She incurs the following expenses: Mortgage interest Property taxes Insurance Utilities Repairs Depreciation $ 1,660 980 1,770 2,070
Janet owns a home at the lake. She incurs the following expenses: Mortgage interest Property taxes Insurance Utilities Repairs Depreciation $ 1,660 980 1,770 2,070 390 4,360 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. (Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value). Case A B C D Rental Income $ 9,900 12,900 6,900 22,900 Days Rented 45 55 10 365 Personal Use Days 19 25 30 Case A Sch. A/No Deduction B Sch. A/No Deduction D Schedule E Schedule E Schedule E Income Mortgage interest Property taxes Insurance Utilities Repairs Depreciation Rental income $ 0 $ 0 $ 0
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