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Problem - During the year (not a leap year), Anna rented her vacation home for 30 days, used it personally for 20 days, and left it vacant for 315 days. She had the following income and expenses:
Rent income $ 7,000
Expenses
Real estate taxes 2,500
Interest on mortgage 9,000
Utilities 2,400
Repairs 1,000
Roof replacement (a capital expenditure) 12,000
Depreciation 7,500
Required -
a. Compute Anna's net rent income or loss and the amounts she can itemize on her tax return, using the court's approach to allocating property taxes and interest.
b. How would your answer in part (a) differ using the IRS's method of allocating property taxes and interest?
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