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What amount is jim rental expense in the current year

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Reference no: EM132827676

Problem 1: Jim owns an apartment building with 10 identical units. He lives in one unit and rents the other nine to unrelated individuals. On April 1 of the current year, Jim paid property insurance on the apartment building for a 5-year period beginning April 1 of the current year. The total insurance premium was $2,000. Assume Jim is a cash-basis, calendar-year taxpayer. What amount is Jim's rental expense in the current year for the insurance policy?

Group of answer choices

Option 1: $1,800

Option 2: $2,000

Option 3: $300

Option 4: $270

Reference no: EM132827676

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