AICPA每日一练之REG【2016-2-27】

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Emil Gow owns a two-family house that has two identical apartments. Gow lives in one apartment and rents out the other. In 2015, the rental apartment was fully occupied and Gow received $7,200 in rent. During the year ended December 31, 2015, Gow paid the following:

Real estate taxes $6,400

Painting of rental apartment 800

Annual fire insurance premium 600

In 2015, depreciation for the entire house was determined to be $5,000. What amount should Gow include in his adjusted gross income for 2015?

a. $2,900

b. $ 800

c. $ 400

d. $ 100

Answer:C

The requirement is to determine the amount of net rental income that Gow should include in his adjusted gross income. Since Gow lives in one of two identical apartments, only 50% of the expenses relating to both apartments can be allocated to the rental unit.

Rent $7,200

Less: Real estate taxes (50% × $6,400) (3,200)

Painting of rental apartment (800)

Fire insurance (50% × $600) (300)

Depreciation (50% × $5,000) (2,500)

Net rental income $ 400

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