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Careen Owns a Condominium near Newport Beach in California During the Year,Careen Rented the Condo for 90 Days,receiving $20,000

Question 81

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Careen owns a condominium near Newport Beach in California.This year,she incurs the following expenses in connection with her condo:
 
 Insurance  Mortgage interest  Property taxes  Repairs ard maintenance  Utilities  Depreciation $1,5008,5004,0009501,9005,500\begin{array}{l}\begin{array}{lll}\text { Insurance } \\\text { Mortgage interest } \\\text { Property taxes } \\\text { Repairs ard maintenance } \\\text { Utilities } \\\text { Depreciation }\end{array}\begin{array}{lll}\$1,500 \\8,500 \\4,000 \\950 \\1,900 \\5,500\end{array}\end{array}

During the year,Careen rented the condo for 90 days,receiving $20,000 of gross income.She personally used the condo for 50 days.Assuming Careen uses the IRS method of allocating expenses to rental use of the property.What is Careen's net rental income for the year (Assume there are 365 days in the year)?

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$5,633 See...

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