Jerry owns a condo at a ski resort. He places the condo in a rental pool managed by the resort when he and his family are not using it. During 2019 they reported the following:
Personal use days……………………………….62
Rental days……………………………...……….34
Rental income……………………………………7,600
Property taxes………………………………..…..9,800
Mortgage interest………………………………...5,600
Utilities and maintenance………………...……..3,600
Using the Bolton allocation, what is reported…
Schedule E |
Schedule A |
Totals |
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Rental income |
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Property tax |
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Mortgage interest |
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Utilities and maintenance |
ANSWER:
(3600 x 34/(34+62)) = 1,275
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