2022 tax rules Rental ActivitiesTOU6XGT Smooni leisbet to alsitnezz39-25a. Compute the number of (1) days the property was rented at a fair rental price; (2) totaldays the property was used during the year; and (3) personal days. Discuss the significanceof these three numbers as they pertain to the vacation home rules.b. Compute Dari's net rental income and any expenses that she must carry over to the nextyear. 5. Vacation Homes. (Obj. 2) Dari owns a vacation home that she personally uses 14 days duringthe year. The rest of the year the following occupants used the home. Fair rental price is $125a night.OccupantNumber of Days821Dari's best friend, who paid no renthr Dari's brother, who paid a fair rental priceCouple who won a charity auctions prinUnrelated persons, who paid rent of $7,500760Dari's expenses related to the vacation home were as follows:008Mortgage interest$ 6,700Real estate taxes3,300Utilities and repairs2,540Depreciation6,650$19,190

Net rental income- It’s the sum someone pays you to use your assets, after you deduct the expenses…

a. Compute the number of (1) days the property was rented at a fair rental price; (2) total days the property was used during the year; and (3) personal days. Discuss the significance of these three numbers as they pertain to the vacation home rules. b. Compute Dari's net rental income and any expenses that she must carry over to the next year.

a. Compute the number of (1) days the property was rented at a fair rental price; (2) total days the property was used during the year; and (3) personal days. Discuss the significance of these three numbers as they pertain to the vacation home rules. b. Compute Dari's net rental income and any expenses that she must carry over to the next year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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