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Calculate carmen net income

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Reference no: EM131165877

Carmen owns a house that she rents out for $600 per month. Her expenses for the 2015 tax year are as follows:  

Real estate taxes

$  900

Mortgage interest

 4,000

Insurance

 300

General repairs

 320

Carmen bought the property in March of 1992, and her basis for depreciation on the house is $110,000. She uses straight-line depreciation with a 27 ½ -year life, so the depreciation on the house is $4,000. Calculate Carmen's net income or loss from renting the house if her gross rental income is $7,200 ($600 × 12 months).

Reference no: EM131165877

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