Jackson owns a condominium in Las Vegas,Nevada,and he rents it to Joanne for $1,500 per month,payable on the 1^stof each month.While he was out of town in August,the condominium's air conditioning broke and Joanne had it replaced for $1,350.How much rental income does Jackson report for September if Joanne deducts the repair cost from her rent for September?

Question

Quizplus · Accepted Answer

Joanne deducting the repair cost from her rent for September means that she only paid $150 for September rent ($1,500 - $1,350 = $150). Therefore, Jackson would report rental income of $1,500 for September.

Jackson Owns a Condominium in Las Vegas,Nevada,and He Rents It