Question
During the year, Maura rented her vacation home for 12 days for $3,500 and she used it personally for three months. The following expenses
During the year, Maura rented her vacation home for 12 days for $3,500 and she used it personally for three months. The following expenses were incurred on the home: Property taxes $2,200 . Mortgage interest $10,800 . Utilities and maintenance $1,850 Depreciation $4,200 Insurance $950 Calculate the rental income or loss and the itemized deductions that Maura would be allowed to take on her 2021 tax return. Rental Income 3,500 Property tax 2,200 Mortgage Interest 10,800 Utilities & Main. 1,850 4,200 Depreciation Insurance 950
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South Western Federal Taxation 2015
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
38th Edition
978-1305310810, 1305310810, 978-1285439631
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