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Amy rents her vacation home for 30 days (1 month) but she used the home for personal use for 5 days. She had $15,000 of
Amy rents her vacation home for 30 days (1 month) but she used the home for personal use for 5 days. She had $15,000 of rental income. The mortgage interest expense for the year was $12,000 and the real estate taxes were $6,000. The expenses allocable to the rental period were $5,000 and 1 years depreciation is $12,000. How much taxable income, if any did the rental produce? What expenses, if any may be carried forward?
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