Sherry rents her vacation home for 6 months and lives in it for 6 months...
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Accounting
Sherry rents her vacation home for 6 months and lives in it for 6 months during the year. Her gross rental income during the year is $6,000. Total real estate taxes for the home are $2,200, and interest on the home mortgage is $4,000. Annual utilities and maintenance expenses total $2,000, and depreciation expense is $4,500.
Calculate Sherrys deductible depreciation, the net income or loss from the vacation home, and the loss carryforward, if any.
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