Question
Kristen rented out her home for 10 days during the year for $5,000. She used the home for personal purposes for the other 355 days.
Kristen rented out her home for 10 days during the year for $5,000. She used the home for personal purposes for the other 355 days. She allocated the following home expenses to the rental use of the home:
-Insurance $ 50
-Mortgage interest 100
-Property taxes 30
-Repairs and maintenance 150
-Utilities 40
-Depreciation 600
Kristen's AGI is $120,000 before considering the effect of the rental activity. What is Kristen's AGI after considering the tax effect of the rental use of her home?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
CCH Federal Taxation Basic Principles 2020
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
2020 Edition
0808051784, 9780808051787
