Question
Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder
Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $5,000.Expenses associated with use of the home for the entire year were as follows:
Real property taxes$2,450
Mortgage interest10,625
Repairs1,025
Insurance1,150
Utilities3,600
Depreciation10,000
a.What effect does the rental have on Dillon's AGI?
b.What are Dillon's itemizable real property taxes and itemizable mortgage interest (assuming he itemizes deductions before considering deductions associated with the home)?
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Mathematical Statistics With Applications In R
Authors: Chris P. Tsokos, K.M. Ramachandran
2nd Edition
124171133, 978-0124171138
