Stuart Adelene, who lives in a winter resort area, rented her personal residence for 14 days...
Stuart
Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting Brussels. Rent income was $5,000. Related expenses for the year were as follows:
|
If an answer is zero, enter "0".
a. Determine how much of the rental income is reportable. $
b. Determine whether the expenses are deductible. Select "Yes" if deductible otherwise select "No".
|
c. Determine the effect the rental activity has on Adelene's AGI. $
Homework Answers
| a) | Rental Income to be reported | $ 0 | |||
| If residence is rented for less than 15 days, rental income in not reported. | |||||
| b) | |||||
| Depreciation | No | ||||
| Real property taxes | Yes | ||||
| Repairs | No | ||||
| Utilities | No | ||||
| Mortgage interest | Yes | ||||
| Insurance | No | ||||
| c) | Effect of Rental Income on AGI | $ 0 | |||
| Since, No Rental Income is repored, there will be no effect on AGI | |||||
| Thank You! | |||||
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Stuart
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