Question
Paige found a renter for her fathers house on August 1. The monthly rent is $500, and the lease agreement is for one year. The
Paige found a renter for her fathers house on August 1. The monthly rent is $500, and the lease agreement is for one year. The lease requires the tenant to pay the first and last months rent and a $500 security deposit. The security deposit is to be returned at the end of the lease if the property is in good condition. On August 1, Paige received $1,500 from the tenant per the terms of the lease agreement. In November, the plumbing froze and several pipes burst. The tenant had the repairs made and paid the $300 bill. In December, he reduced his rental payment to $200 to compensate for the plumbing repairs. Paige provides you with the following additional information for the rental in 2021:
Property taxes $770
Other maintenance expenses 285
Insurance expense 459
Management fee 350
Depreciation (to be computed) ?
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