Reference no: EM13159669
Jerry, a general contractor by trade, is a tenant of Montgomery Apartments. In exchange for four months rent at $900 per month, Jerry provided the following items and services for Paul, the owner of the apartments:
Paint and miscellaneous supplies for the apartments $700
Labor for painting and miscellaneous repairs $1,000
Labor and supplies for paving the apartment parking area $1,900
How should Paul treat this transaction of his Schedule E?
A. Rental income of $3,600 and rental expenses of $3,600.
B. No rental income or rental expenses are to be reflected on the Schedule E because the net effect is -0-
C. Rental income of $3,600 and depreciation computed on the capital expenditures of $3,600.
D. Rental income of $3,600 , rental expenses of $1,700, and depreciation computed on the capital expenditures of $1,900
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