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Piper owns a vacation cabin in the Tennessee mountains. Without considering the cabin, she has gross income of $ 6 5 , 0 0 0
Piper owns a vacation cabin in the Tennessee mountains. Without considering the cabin, she has gross income of $ During the year,
she rents the cabin for two weeks for $ and uses it herself for four weeks. The total expenses for the year are $ mortgage
interest; $ property tax; $ utilities, insurance, and maintenance; and $ depreciation.
If an amount is zero, enter
a What effect does the rental of the vacation cabin have on Piper's AGI?
Piper reports rental income of $
and rental expenses of $
for AGI.
b What expenses can Piper deduct, and how are they classified ie for or from AGI
Note: Assume that she itemizes her deductions.
a Utilities
b Insurance
c Property Taxes
d Mortgage interest
e Maintenance expenses
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