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Problem 8-38 (LO 8-2) Janet owns a home at the lake. She incurs the following expenses: Mortgage interest Property taxes Insurance Utilities Repairs Depreciation $1,500
Problem 8-38 (LO 8-2) Janet owns a home at the lake. She incurs the following expenses: Mortgage interest Property taxes Insurance Utilities Repairs Depreciation $1,500 900 1,650 1,950 350 4,200 Required: What is the proper treatment of the rental income and expenses in each of the following cases? Use the Tax Court allocation method, i applicable. (Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value). Rental Days Personal Income se Days $ 9,500 12,500 6,500 22,500 Case A B D Rented 45 55 10 365 10 25 30 0 Case B D Schedule E Sch. A/No Deduction Schedule E Sch. A/No Deduction Schedule E Income Mortgage interest Property taxes Insurance Utilities Repairs Depreciation Rental income
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