Dick owns a house that he rents to college students. Dick receives $800 per month rent and incurs the following expenses during the year: Line Item Description Amount Real estate taxes $1,250 Mortgage interest 1,500 Insurance 425 Repairs 562 Association dues 1,500 Dick purchased the house in 1989 for $48,000. The house is fully depreciated. Calculate Dick's net rental income for the year, assuming the house was rented for a full 12 months. If an amount is zero, enter, "0." Line Item Description Amount Amount Rental income $fill in the blank 1 Expenses: Real estate taxes $fill in the blank 2 Mortgage interest fill in the blank 3 Insurance fill in the blank 4 Repairs fill in the blank 5 Association Dues fill in the blank 6 Total expenses fill in the blank 7 Net rental income (loss)
Let's calculate Dick's net rental income step by step. ### 1. Rental Income Dick receives $800 per month in rent, and the house is rented for a full 12 months. [ ext{Rental Income} = $800 imes 12 = $9,600 ] ### 2. Expenses Here are the expenses incurred during the year: - **Real Estate Taxes:** $1,250 - **Mortgage Interest:** $1,500 - **Insurance:** $425 - **Repairs:** $562 - **Association Dues:** $1,500 ### 3. Total Expenses [ ext{Total Expenses} = $1,250 + $1,500 + $425 + $562 + $1,500 = $5,237 ] ### 4. Net Rental Income [ ext{Net Rental Income} = ext{Rental Income} - ext{Total Expenses} ] [ ext{Net Rental Income} = $9,600 - $5,237 = $4,363 ] ### Summary Here is the filled-in table: | Line Item Description | Amount | |-----------------------|--------| | Rental income | $9,600 | | Expenses: | | | Real estate taxes | $1,250 | | Mortgage interest | $1,500 | | Insurance | $425 | | Repairs | $562 | | Association
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