Matilda owns a condominium on the beach in Rehoboth, Delaware. During the current year, she incurs the

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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 Matildaâ€™s deductions in each of the followingcases:

Matilda owns a condominium on the beach in Rehoboth, Delaware.

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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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Question Posted: Mar 29, 2013 03:05 AM

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Matilda owns a condominium on the beach in Rehoboth, Delaware. During the current year, she incurs the

Question:

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

Concepts In Federal Taxation

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