Question
Alice rented her personal residence for 13 days to summer vacationers for $4,100. She has AGI of $101,500 before the rental income. Related expenses for
Alice rented her personal residence for 13 days to summer vacationers for $4,100. She has AGI of $101,500 before the rental income. Related expenses for the year include the following:
| Real property taxes | $ 4,060 |
|---|---|
| Utilities | 5,600 |
| Insurance | 775 |
| Mortgage interest | 7,200 |
| Repairs | 730 |
| Depreciation | 15,500 |
Required:
a. What is the net rental income includible in AGI?
b. Is mortgage interest and property taxes deductible on Schedule A?
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Energy Management Conservation And Audits
Authors: Anil Kumar, Om Prakash, Prashant Singh Chauhan, Samsher Gautam
1st Edition
0367494930, 978-0367494933
