Hi there, when I was reading my textbook on taxation I don't seem to get why this person has gross income when he rents his vacation home.
For example, Jason rents his vacation home for 60 days and lives in the home for 30 days. Jason gross rent income is 10,000? How can he get 10,000 in gross income if he rent it? doesn't it supposed to be expense.
If a residence is classified as personal/rental use property, the expenses that are deductible anyway must be deducted first.
For example, Jason rents his vacation home for 60 days and lives in the home for 30 days. Jason gross rent income is 10,000? How can he get 10,000 in gross income if he rent it? doesn't it supposed to be expense.
If a residence is classified as personal/rental use property, the expenses that are deductible anyway must be deducted first.