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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 $4,150.
2. 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 $4,150. Total real estate taxes for the home are $950, and interest on the home mortgage is $3,000. Annual utilities and maintenance expenses total $1,800, and depreciation expense is $4,500. Calculate Sherry’s net income or loss from the vacation home for this tax year.
4. Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2015, his share of the loss from the limited partnership was $12,000, and his loss from the rental condo was $18,000. Assuming Clifford’s modified adjusted gross income is $116,000 for 2015, and he has no prior year un allowed losses from either activity, complete Form 8582 on Page 4-39.
