View previous attempt 6 James owns a home in Lake Tahoe, Nevada, that he rented for $4,800 for 40 days during the summer. He lived there for a total of 120 days, and the rest of the year the house was vacant. The expenses for the home included $6,100 in mortgage interest, $940 in property taxes, $1,380 in maintenance and utilities, and $2,640 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 $0. $2,035 net Income. $4,800 net Income. $6,260 net loss. 01:58:55 eBook