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 $6,500. Expenses associated with use of the home for the entire year were as follows:
Real property taxes $ 3,100
Mortgage interest 12,000
Repairs 1,500
Insurance 1,500
Utilities 3,900
Depreciation 13,000
a. What amount effect does the rental have on Dillons AGI?
b. What are Dillons itemizable real property taxes and itemizable mortgage interest (assuming he itemizes deductions before considering deductions associated with the home)?
Itemizable real property taxes?
Itemizable mortgage interest?
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