Careen owns a condominium near Newport Beach in California. This year, she incurs the following expenses in connection with her condo:
During the year, Careen rented the condo for 90 days, receiving $20,000 of gross income. She personally used the condo for 50 days. Assume Careen uses the IRS method of allocating expenses to rental use of the property. What is Careen's net rental income for the year?

Question

Careen owns a condominium near Newport Beach in California. This year, she incurs the following expenses in connection with her condo:
  During the year, Careen rented the condo for 90 days, receiving $20,000 of gross income. She personally used the condo for 50 days. Assume Careen uses the IRS method of allocating expenses to rental use of the property. What is Careen's net rental income for the year?

Quizplus · Accepted Answer

The Answer of Careen owns a condominium near Newport Beach in California. This year, she incurs the following expenses in connection with her condo:
  During the year, Careen rented the condo for 90 days, receiving $20,000 of gross income. She personally used the condo for 50 days. Assume Careen uses the IRS method of allocating expenses to rental use of the property. What is Careen's net rental income for the year?

Careen Owns a Condominium near Newport Beach in California