Lester rents his vacation home for 6 months & lives in it during the other...
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Accounting
| Lester rents his vacation home for 6 months & lives in it during the other 6 months of the tax year. The gross rental income from the home is $4,500. For the full year, real estate taxes are $800, mortgage interest is $3,000, utilities & maintenance expenses are $2,200, plus depreciation expense on the entire home would be $4,000. What is Lester's allowable net loss from renting his vacation home? (Points : 2) |
$5,500 loss $3,000 loss $500 loss $250 loss None of the above
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