Question
Tina owns a home on the Oregon coast that she visits during the year and tries to rent out the rest of the year. Her
Tina owns a home on the Oregon coast that she visits during the year and tries to rent out the rest of the year. Her expenses for the home are:
Mortgage interest 18,000
Property taxes 4,000
Utilities 2,500
Lawn maintenance 1,200
Repairs & maintenance 1,800
Annual depreciation 14,000
Identify the tax form and amount of income and expenses reported given each of the following scenarios:
1. Tina uses the house 120 days and rents it 8 days for $175 per day.
2. Tina uses the house 10 days and rents it 130 days at $175 per day.
3. Tina uses the house 42 days and rents it 63 days at $175 per day.
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