Lori and Donald Own a Condominium in Colorado Springs,Colorado,that They

question 11

Multiple Choice

Lori and Donald own a condominium in Colorado Springs,Colorado,that they rent out part of the time and use during the summer.The rental property is classified as personal/rental property and their personal use is determined to be 75% (based on the IRS method) .They had the following income and expenses for the year (before any allocation) : $\begin{array}{lll}\text { Gross rental income}&\$2,000\\\text {Interest and taxes }&3,200\\\text { Utilities and maintenance}&2,200\\\text {Depreciation }&4,000\\\end{array}$
How much net loss should Lori and Donald report for their condominium on their tax return this year?

• A)$0.
• B)$3,350 loss.
• C)$7,400 loss.
• D)$9,000 loss.

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Definitions:

Associations

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Client-Centered Therapy

A form of psychotherapy developed by Carl Rogers, emphasizing an empathetic, accepting, and genuine environment created by the therapist to facilitate the client’s growth and personal development.

Humanistic Psychologist

A psychologist who adopts an approach focusing on individual potential and stresses the importance of growth and self-actualization.

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