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James owns a home in lake tahoe, nevada, that he rented for $4,600 for 40 days during the summer. he lived there for a total of 120 days, and the rest of the year the house was vacant. the expenses for the home included $6,000 in mortgage interest, $900 in property taxes, $1,300 in maintenance and utilities, and $2,500 in depreciation. what is his net income or loss from the rental of his home (without considering the passive loss limitation)? use the irs method for allocation of expenses.
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James owns a home in lake tahoe, nevada, that he rented for $4,600 for 40 days during the summer. he...
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