Donnie and Marie own a condo in Key West, Florida. The condo is also the couple’s primary residence. Each year, they travel to visit their grandchildren in Oregon. After talking to friends, they decided to earn a little extra income by listing their condo on AirBnb. They listed the condo for $200/night and was able to rent it out for 12 nights for a total income of $2,400. Unfortunately, one of the renters had broken the sliding glass door leading to the backyard. They had to replace it at a cost of $275. How much must Donnie and Marie report on their taxes for rent and expenses?xpenses?
Donnie and Marie own a condo in Key West, Florida. The condo is also the couple’s primary residence. Each year, they travel to visit their grandchildren in Oregon. After talking to friends, they decided to earn a little extra income by listing their condo on AirBnb. They listed the condo for $200/night and was able to rent it out for 12 nights for a total income of $2,400. Unfortunately, one of the renters had broken the sliding glass door leading to the backyard. They had to replace it at a cost of $275. How much must Donnie and Marie report on their taxes for rent and expenses?xpenses?
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 93DC
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Donnie and Marie own a condo in Key West, Florida. The condo is also the couple’s primary residence. Each year, they travel to visit their grandchildren in Oregon. After talking to friends, they decided to earn a little extra income by listing their condo on AirBnb. They listed the condo for $200/night and was able to rent it out for 12 nights for a total income of $2,400. Unfortunately, one of the renters had broken the sliding glass door leading to the backyard. They had to replace it at a cost of $275.
How much must Donnie and Marie report on their taxes for rent and expenses?xpenses?
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