Sherry rents her vacation home for 6 months and lives in it, Ask an Expert

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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 $4,000. 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 from the vacation home for this tax year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9947615

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