Special Homework _1

Special Homework _1 - of $500 and depreciation of $4,000...

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Special Homework #1 A. During the year, Martin rented his vacation home for three months and spent one month there personally. Gross rental income from the property was $5,000. Martin incurred the following expenses, mortgage interest of $3,000, real estate taxes of $1,500, utilities of $800, maintenance
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Unformatted text preview: of $500, and depreciation of $4,000. Assume he has a salary of $50,000 and is entitled one exemption for himself. Calculate his taxable income. B. Now assume the vacation home is rented for 10 days, and used personally for two months. Again calculate his taxable income. 1...
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