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25 (3 points) The IRS allocates home expenses between use for personal and use for rental differently than the way the Tax Court does the
25 (3 points) The IRS allocates home expenses between use for personal and use for rental differently than the way the Tax Court does the allocation. For purpose of this problem, assume the taxpayer's does not have a SALT (state and local tax) limitation. Independently considering each of the following statements, indicate whether true (indicate T) or false (Indicate F). You answer may be: TFF IRS allocates property taxes and interest to rental use based on ratio of rental days to the total days in year. Expenses other than property taxes and interest are allocated the same under approaches of Tax Court and the IRS. Tax Court allocates more interest and property tax to rental
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