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September 19, 2014

Homework Help: income tax

Posted by Andy on Thursday, March 22, 2012 at 1:13pm.

can someone please help me with this assignment? I dont know what to do


Jeanette owns a rental property that she used for 20 days and rented for 80 days. The rental income was $10,000 and expenses included the following; mortgage interest $2,500; property tax $1,500; insurance and repairs $1,000 and depreciation $2,000. Calculate net rental income using both the IRS Method and the Tax Court Method.

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