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Alice rented her personal residence for 11 days to summer vacationers for $3,900. She has AGI of $98,500 before the rental income. Related expenses for
Alice rented her personal residence for 11 days to summer vacationers for $3,900. She has AGI of $98,500 before the rental income. Related expenses for the year include the following: Real property taxes Utilities Insurance Mortgage interest Repairs Depreciation $ 3,940 5,500 725 6,900 670 14,500 Required: a. What is the net rental income includible in AGI? Net rental income b. Is mortgage interest and property taxes deductible on Schedule A? O Yes
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