Janet owns a home at the lake. She incurs the following expenses: Mortgage interest $1,300 Property...
Janet owns a home at the lake. She incurs the following expenses:
| Mortgage interest | $1,300 |
| Property taxes | 800 |
| Insurance | 1,500 |
| Utilities | 1,800 |
| Repairs | 300 |
| Depreciation | 4,000 |
page 8-31
What is the proper treatment of the rental income and expenses in each of the following cases? Use the Tax Court allocation method, if applicable.
| Case | Rental Income | Days Rented | Personal-Use Days |
| A | $ 9,000 | 45 | 10 |
| B | 12,000 | 55 | 25 |
| C | 6,000 | 10 | 30 |
| D | 22,000 | 365 | –0– |
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