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Lori and Donald Own a Condominium in Colorado Springs, Colorado

question 18

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) : 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) :   How much netloss 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. How much netloss should Lori and Donald report for their condominium on their tax return this year?


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