Yuri will earn net rental income of 30000 for 2013. what, Ask an Expert

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In early 2013, Yuri received a gift of a home valued at $400,000 (from Yuri's uncle, Holman). Holman also gave Yuri a $20,000 cash gift. During 2013, Yuri rented the home to Juliana. As a result of the lease with Juliana, Yuri will earn net rental income of $30,000 (for 2013). What amount of income should Yuri's 2013 tax return include from these transactions?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946537

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