Every year, a week-long college basketball tournament is held in Katrina's city. Each year, she...
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Every year, a week-long college basketball tournament is held in Katrina's city. Each year, she rents out her condominium during this tournament while she goes out of town on vacation. She does not rent the condominium at any other time during the year. In 2022, she received $2,850 in rental income for that week. How does Katrina report this income and any allocable expenses on her tax return? The income is reported on line 8j of Schedule 1 (Form 1040), and qualifying expenses may be deductible on Katrina's Schedule A. Katrina reports the income and expenses on Schedule E. Income is reported on Schedule E. Katrina completes the allocation of expenses worksheet for part
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