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Emelie and Taylor are employed by the Federal government and own their home in Washington, D.C. Expenses associated with the home for the year are
Emelie and Taylor are employed by the Federal government and own their home in Washington, D.C. Expenses associated with the home for the year are as follows: (6 pts) Mortgage interest $12,000 Property taxes 4,000 Insurance 1,000 Utilities 2,400 Maintenance and repairs 1,500 Depreciation 9,000 While vacationing in the summer for three weeks, they rent their home for two weeks to an Angolian diplomat for $4,000. During the third week, they permit Taylors aunt and uncle to stay in the house. Determine the effect of these income and expense items associated with their home if they file a joint return. Determine the effect of these income and expense items associated with their home if they file a joint return and rented the house for 3 weeks for $6,000
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