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Received an answer to this question when I posted it a few days ago. The answer I was given was option D and that ended
Received an answer to this question when I posted it a few days ago. The answer I was given was option "D" and that ended up being incorrect. Please help!
5. Jeff began renting out the home and receiving rental income March 1st. The renter vacated June 30th after 122 days and Annie, the daughter of Jeff's best friend Roy, needed a place to live for July and August (62 days). He decided to rent to Annie at less than FRV, just enough to pay utilities. Jeff vacationed there in September (30 days) and rented it out at FRV for the rest of the year (92 days). For Jeff s rental home, amounts paid during the tax year were $9,840 for mortgage interest and $1,950 for real estate taxes. What amounts should Jeff report on Schedule A, Itemized Deductions, for mortgage interest and real estate taxes for his rental home? a) $0 for both amounts b) $4,100 for mortgage interest; $813 for real estate taxes c) $4,920 for mortgage interest; $975 for real estate taxes d) $9,840 for mortgage interest; $1,950 for real estate taxesStep by Step Solution
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