James owns a home in Lake Tahoe, Nevada, that he rented for $1,600 for two weeks during the summer. He lived there for a total of 120 days, and the rest of the year the house was vacant. The expenses for the home included $6,000 in mortgage interest, $900 in property taxes, $1,300 in maintenance and utilities, and $2,500 in depreciation. How much rental income from the Lake Tahoe home would James report for the current year?
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James owns a home in Lake Tahoe, Nevada, that he rented for $1,600 for two weeks during the summer....
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