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Discuss decide what expenses are deductible

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This week's assignment is to complete a Schedule E - rental income for 2015. Imagine that at the end of 2014 you inherited a house. For the first 3 months of 2015 the house was empty. For the second 3 months, you rented the house to your cousin for $200 per month (below market value). For the last 6 months, you rented the house through a property manager for $950 per month.

Expenses are:

Property manager fees (6 months) = $95 per month.

Property tax for whole year = $2000

Property insurance for whole year = $1000

Cleaning fee = $550

Utilities for whole year = $200 per month

Landscaping for whole year = $100 per month

Repairs for whole year = $150 per month

Tree removal = $5500

Depreciation expense = $850 per month.

Decide what expenses are deductible and which ones are not. Consider the months the house was empty and the months the house was rented to a cousin at a below market value rental rate. Read the instructions for preparing Schedule E. Make assumptions as to any information that is missing.

Reference no: EM131790222

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