Income and expenses reported on kelvin tax return

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Reference no: EM132176729

Ramone is a tax attorney and he owns an office building that he rents for $8,500/month. He is responsible for paying all taxes and expenses relating to the building’s operation and maintenance. Is Ramone engaged in the trade or business of renting real estate?

Kelvin owns and lives in a duplex. He rents the other unit for $750 per month. He incurs the following expenses during the current year for the entire property.

How are these income and expenses reported on Kelvin’s tax return? On what tax form(s) are these amounts reported?

In the current year, Sandra rented her vacation home for 75 days, used it for personal use for 22 days, and left it vacant for the remainder of the year. Her income and expenses before allocation are as follows:

What is Sandra’s net income or loss from the rental of her vacation home? Use the Tax Court method.

Reference no: EM132176729

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