Participates in the management of the property

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Reference no: EM1378197

Rick and Debbie Sirvo own a beachfront in Wrightsville Beach, N.C. During year, they rent it for 20 weeks (140) days at $1,100 per week and use it 10 days for personal purposes. Rick actively participates in the management of the property, but does not qualify as a real estate professional. Their adjusted income for the year is $137,200 and the costs of maintaining the home for year are: Mortgage interest $15,500 Real property Taxes 4,500 management fee 1,085 Insurance 1,200 utilities 2,200 Cleaning service(only for rental period) 1,500 maintenance and Repairs 700 Depreciation (unallocated) 8,500 Complete Form 1040 Schedule E and Form 8582 using the above information. Rick's social security number is 036-87-1458, Debbie's social security number is 035-11-4856, and address of the home is is 435Beachway Lane, Wrightsville Beach, NC 28480.

Reference no: EM1378197

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