Matilda owns a condominium on the beach in Rehoboth, Delaware. During the current year, she incurs the
Question:
Matilda owns a condominium on the beach in Rehoboth, Delaware. During the current year, she incurs the following expenses related to the property:
Mortgage interest ...... $8,000
Property taxes ....... 1,750
Utilities ........... 1,050
Maintenance fees ....... 600
Repairs ........... 350
Depreciation (unallocated) .. 3,200
Determine the amount of Matilda’s deductions in each of the followingcases:
Transcribed Image Text:
Rental Income Rental Days 365 S0 14 275 Personal Use Days Case $12,000 S 3,800 s 600 $ 9,050 20 86 25 13
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In each case you must first determine whether the property is a true rental all allocable deductions allowed or a vacation home allocable deductions a...View the full answer
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Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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