Earn net rental income


In early 2013, Yessenia received a gift of a home valued at $400,000 (from Yessenia's mother, Betsy). Betsy also gave Yessenia a $10,000 cash gift. During 2013, Yessenia rented the home to Jennifer. As a result of the lease with Jennifer, Yessenia will earn net rental income of $20,000 (for 2013). What amount of income should Yessenia's 2013 tax return include from these transactions?

a. $0

b. $20,000

c. $30,000

d. $430,000

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Accounting Basics: Earn net rental income
Reference No:- TGS042349

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