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Alice rented her personal residence for 13 days to summer vacationers for $4,500. She has AGI of $105,000 before the rental income. Related expenses
Alice rented her personal residence for 13 days to summer vacationers for $4,500. She has AGI of $105,000 before the rental income. Related expenses for the year include the following: Real property taxes $ 4,500 Utilities Insurance Mortgage interest Repairs Depreciation Required: 5,000 900 7,000 800 15,000 a. What is the net rental income includible in AGI? Net rental income b. Is mortgage interest and property taxes deductible on Schedule A? Yes No
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