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During 2020, Payne rented his vacation home for 80 days and used it personally for 10 days. Gross rental income from the property was $12,000
During 2020, Payne rented his vacation home for 80 days and used it personally for 10 days.
Gross rental income from the property was $12,000 and Payne incurred the following expenses:
advertising for $1,000
Morgage for interest for $5,000
Real estate taxes for $3,000
Utilities & Maintenance for $2,000
Depreciation for $4,000
Using the IRS approach, Calculate Payne's total Sch. E income/loss and the amount that he can deduct on his Sch. A for 2020.
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