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Mary and Charles have owned a beach cottage on the New Jersey shore for several years and have always used it as a family retreat.
Mary and Charles have owned a beach cottage on the New Jersey shore for several years and have always used it as a family retreat. When they acquired the property, they had no intentions of renting it Because family circumstances have changed, they are considering using the cottage for only one week a year and renting it for the remainder of the year. Their AGI approximates $ per year, they are in the tax bracket combined Federal and state and their total itemized deductions exceed the standard deduction amount. Interest and real estate taxes total $ per year and are expected to continue at this level in the foreseeable future. If Mary and Charles rent the property, their incremental revenue and expenses are projected to be: tableRent income,$
Mary and Charles have owned a beach cottage on the New Jersey shore for several years and have always used it as a family retreat. When they acquired the property, they had no intentions of renting it Because family circumstances have changed, they are considering using the cottage for only one week a year and renting it for the remainder of the year. Their AGI approximates $ per year, they are in the tax bracket combined Federal and state and their total itemized deductions exceed the standard deduction amount. Interest and real estate taxes total $ per year and are expected to continue at this level in the foreseeable future. If Mary and Charles rent the property, their incremental revenue and expenses are projected to be:
tableRent income,$
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