Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting Brussels. Rent income was $5,000. Related expenses for the year were as follows: Real property taxes $3,800 Mortgage interest 7,500 Utilities 3,700 Insurance 2,500 Repairs 2,100 Depreciation 15,000 If an answer is zero, enter "0". a.   Determine how much of the rental income is reportable. $fill in the blank 1 b.   Determine whether the expenses are deductible. Select "Yes" if deductible otherwise select "No". Depreciation   Real property taxes   Repairs   Utilities   Mortgage interest   Insurance   c.   Determine the effect the rental activity has on Adelene's AGI. $fill in the blank 8

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 47P
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Problem 6-47 (LO. 3)

Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting Brussels. Rent income was $5,000. Related expenses for the year were as follows:

Real property taxes $3,800
Mortgage interest 7,500
Utilities 3,700
Insurance 2,500
Repairs 2,100
Depreciation 15,000

If an answer is zero, enter "0".

a.   Determine how much of the rental income is reportable. $fill in the blank 1

b.   Determine whether the expenses are deductible. Select "Yes" if deductible otherwise select "No".

Depreciation
 
Real property taxes
 
Repairs
 
Utilities
 
Mortgage interest
 
Insurance
 

c.   Determine the effect the rental activity has on Adelene's AGI. $fill in the blank 8

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