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Required information [The following information applies to the questions displayed below.] Dillon rented his personal residence at Lake Tahoe for 14 days while he was
Required information [The following information applies to the questions displayed below.] Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $5,700. Expenses associated with use of the home for the entire year were as follows: Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation $ 2,800 11,500 1,200 1,360 4,440 11,400 b. What effect does the rental have on Dillon's itemized deductions (assuming he itemizes deductions before considering deductions associated with the home)? Itemizable real property taxes Itemizable mortgage interest
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