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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 effect does the rental have on Dillons AGI? b. What effect does the rental have on Dillons itemized deductions?
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