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 $6,300. Expenses associated with use of the home for the entire year were as follows:
| Real property taxes | $ | 3,100 |
| Mortgage interest | 12,250 | |
| Repairs | 1,350 | |
| Insurance | 1,540 | |
| Utilities | 5,160 | |
| Depreciation | 12,600 | |
|
| ||
a. What 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)?
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Standards For The Professional Practice Of Internal Auditing Statements On Internal Auditing Standards Statement Of Responsibilities Of Internal Auditing Code Of Ethics
Authors: Inst
1st Edition
0894133462, 978-0894133466
