K lived in his dwelling unit (near a very nice ski resort) for the entire 2021 tax year, except for when he rented it to an unrelated family for 10 days in December 2021 for $14,000. Expenses related to the 10 days of rental included $400 depreciation, $700 mortgage interest/property taxes, and $500 utilities/insurance. Assume K has no state and local deduction tax limitation. Which one of the following statements accurately describes the manner in which K should report his rental receipts and the rental expenses for tax purposes (consider only the items included above)? a. K would include the rental receipts in gross income and deduct all the rental expenses above AGI. b. K would exclude the rental receipts from gross income and deduct all the rental expenses above AGI. c. K would exclude the rental receipts, and deduct the $700 mortgage interest/property taxes as itemized deductions. d. K would include the rental receipts in gross income and deduct the $700 mortgage interest/property taxes above AGI