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I am having an problem with the attached question. How do I calculate the full depreciation on a house in the question that was bought in 1978 and rented out for 12months? Thanks in advance for your h

I am having an problem with the attached question. How do I calculate the full depreciation on a house in the question that was bought in 1978 and rented out for 12months? Thanks in advance for your h

I am having an problem with the attached question. How do I calculate the full depreciation on a house in the question that was bought in 1978 and rented out for 12months? Thanks in advance for your help.

 

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Dick ow
ns a house that he rents to college students. Dick receives $800 per month rent and incurs the following expenses during the year:
Real estate taxes
Mortgage interest
Insurance
Repairs
Association dues
$1,250
1,500
425
562
1,500
Dick purchased the house in 1978 for $48,000. The house is fully depreciated. Calculate Dick's net rental income for the year, assuming the house was rent
Rental income
9,600 V
Expenses
1,250
Real estate taxes
Mortgage interest
Insurance
1,500 v
425
562 X
Association Dues
1,500
4,000 X
9,237 X
Depreciation
361 X
Net rental income (loss)
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manish jayant 07-Sep-2020

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