Solved: Assuming careen uses the irs method of allocating expenses, Accounting Basics

Assuming careen uses the irs method of allocating expenses

Question - Careen owns a condominium near Newport Beach in California. This year, she incurs the following expenses in connection with her condo:

Insurance $1,500

Mortgage interest 8,500

Property taxes 4,000

Repairs 950

Utilities 1,900

Depreciation 5,500

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?

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Accounting Basics: Assuming careen uses the irs method of allocating expenses

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