ome for the remainder of the year. Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows: Real property taxes$ 3,100 Mortgage interest 12,000 Repairs 1,500 Insurance1,500
ome for the remainder of the year. Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows: Real property taxes$ 3,100 Mortgage interest 12,000 Repairs 1,500 Insurance1,500
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 47P
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Question
Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows:
Real property taxes$ 3,100
Mortgage interest 12,000
Repairs 1,500
Insurance1,500
Utilities 3,900
What effect does the rental have on Dillon’s AGI?
What effect does the rental have on Dillon’s itemized deductions (assuming he itemizes deductions before considering deductions associated with the home)?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT