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Because the Franklins will be traveling for the next year, they will not be using the vacation home: The vacation home on the Gulf Coast
Because the Franklins will be traveling for the next year, they will not be using the vacation home:
Because the Franklins will be traveling for the next year, they will not be using the vacation homes. The vacation home on the Gulf Coast in particular is used by the Franklins as their children all prefer the larger vacation home in the mountains. The couple is considering renting the Gulf Coast house to vacationers They will not use it at all and assume they can rent it for at least 70 days. How would the rental income affect Franklin's income tax return? CHOOSE ALL that apply. A loss can be used to offset other taxpayer income up to certain AGI limits. The rent received is excluded from income. The vacation home will be considered a mixed-use rental property. Expenses can be deducted only to extent of income (i.e., there can be no deductible loss) The vacation home on the Gulf Coast in particular is used by the Franklins as their children all prefer the larger vacation home in the mountains. The couple is considering renting the Gulf Coa house to vacationers They will not use it at all and assume they can rent it for at least 70 days.
How would the rental income affect Franklin's income tax return? CHOOSE ALL that apply.
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