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Compute bobby net rent income or loss

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During 2020, Bobby Brady rented his vacation home for 72 days and stayed in his vacation home for 28 days. Gross rental income from the property was $8,200. Bobby incurred the following expenses: mortgage interest, $4,600; real estate taxes, $2,300; utilities, $950; maintenance, $450; and depreciation, $4,250. You might find Chapter 6, Example 38 in the textbook helpful in completing this problem!

Problem 1: Using the IRS's approach, compute:

(1) Bobby's net rent income or loss, showing all calculations (his realized amount).

(2) The amount(s), if any, that Bobby will report on his Schedule A as an itemized deduction.

(3) Any carryover amounts.

Reference no: EM132686135

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