Lori and Donald own a condominium in Colorado Springs, Colorado, that they rent out part of the time and use during the summer. The rental property is classified as personal/rental property and their personal use is determined to be 75% (based on the IRS method). They had the following income and expenses for the year (before any allocation): How much netloss should Lori and Donald report for their condominium on their tax return this year?

Question

Lori and Donald own a condominium in Colorado Springs, Colorado, that they rent out part of the time and use during the summer. The rental property is classified as personal/rental property and their personal use is determined to be 75% (based on the IRS method). They had the following income and expenses for the year (before any allocation):  How much netloss should Lori and Donald report for their condominium on their tax return this year?

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The Answer of Lori and Donald own a condominium in Colorado Springs, Colorado, that they rent out part of the time and use during the summer. The rental property is classified as personal/rental property and their personal use is determined to be 75% (based on the IRS method). They had the following income and expenses for the year (before any allocation):  How much netloss should Lori and Donald report for their condominium on their tax return this year?

Lori and Donald Own a Condominium in Colorado Springs, Colorado