Tyson owns a condominium near Laguna Beach, California. This year, he incurs the following expenses in connection with his condo: $$\begin{array} { l r }
\text { Insurance } & \$ 1,000 \
\text { Mortgage interest } & 7,500 \
\text { Property taxes } & 3,200 \
\text { Repairs and maintenance } & 800 \
\text { Utilities } & 1,700 \
\text { Depreciation } & 5,700
\end{array}$$ During the year, Tyson rented the condo for 100 days, receiving $25,000 of gross income. He personally used the condo for 60 days. Assuming 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?

Question

Tyson owns a condominium near Laguna Beach, California. This year, he incurs the following expenses in connection with his condo: $$\begin{array} { l r } 
\text { Insurance } & \$ 1,000 \
\text { Mortgage interest } & 7,500 \
\text { Property taxes } & 3,200 \
\text { Repairs and maintenance } & 800 \
\text { Utilities } & 1,700 \
\text { Depreciation } & 5,700
\end{array}$$ During the year, Tyson rented the condo for 100 days, receiving $25,000 of gross income. He personally used the condo for 60 days. Assuming 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?

Quizplus · Accepted Answer

The Answer of Tyson owns a condominium near Laguna Beach, California. This year, he incurs the following expenses in connection with his condo: $$\begin{array} { l r } 
\text { Insurance } & \$ 1,000 \
\text { Mortgage interest } & 7,500 \
\text { Property taxes } & 3,200 \
\text { Repairs and maintenance } & 800 \
\text { Utilities } & 1,700 \
\text { Depreciation } & 5,700
\end{array}$$ During the year, Tyson rented the condo for 100 days, receiving $25,000 of gross income. He personally used the condo for 60 days. Assuming 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?

Tyson Owns a Condominium near Laguna Beach, California During the Year, Tyson Rented the Condo for 100 Days