Tyson Owns a Condominium near Laguna Beach, California During the Year, Tyson Rented the Condo for 100 Days
Tyson owns a condominium near Laguna Beach, California.This year, he incurs the following expenses in connection with his condo:
During the year, Tyson rented the condo for 100 days, receiving $25,000 of gross income.He personally used the condo for 60 days.Assume Tyson uses the Tax Court method of allocating expenses to rental use of the property.What is Tyson's net rental income for the year? (Assume there are 365 days in the year.)
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