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please answer urgent James owns a home in Lake Tahoe, Nevada, that he rented for $5,800 for 40 days during the summer. He lived there
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James owns a home in Lake Tahoe, Nevada, that he rented for $5,800 for 40 days during the summer. He lived there for a total of 120 days, and the rest of the year, he house was vacant. The expenses for the home included $6,600 in mortgage interest, $1,140 in property taxes, $1,780 in maintenance and utilities, and $3,340 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 $5,800 net income. $7,060 net loss. $0. $2,585 net incomeStep by Step Solution
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