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Alice rented her personal residence for 13 days to summer vacationers for $4,800. She has AGI of $110,500 before the rental income. Related expenses for
Alice rented her personal residence for 13 days to summer vacationers for $4,800. She has AGI of $110,500 before the rental income. Related expenses for the year include the following:
Real property taxes | $ | 4,420 | |
Utilities | 5,900 | ||
Insurance | 950 | ||
Mortgage interest | 7,800 | ||
Repairs | 910 | ||
Depreciation | 18,500 | ||
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 or no
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