Business
Business, 23.01.2020 17:31, mmaglaya1

Charles and sarah own a home in palm springs, ca. during the year, they rented the house for 40 days for $5,000 and used it for personal use for 18 days. the house remained vacant for the remainder of the year. the expenses for the house included $16,000 in mortgage interest, $4,500 in property taxes, $1,000 in utilities, $1,200 in maintenance, and $9,800 in depreciation. what is the deductible loss for the rental of their home (without considering the passive loss limitation)? use the tax court method for allocation of expenses.

a.$0
b. $5,000 net income
c. $17,414 net loss
d. $27,500 net loss

answer
Answers: 1

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Charles and sarah own a home in palm springs, ca. during the year, they rented the house for 40 days...

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