If a taxpayers residence is rented for fewer than 15 days during the year, which of the following is correct?

a. No rental income is included in AGI.

b. Only expenses that are otherwise deductible by a homeowner without regard to the rental activity may be deducted.

c. Expenses must be allocated between rental use (which are deductible) and personal use (which are not deductible).

d. Both (a) and (b) are correct, but (c) is not.

e. (a), (b) and (c) are all correct.