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Robert & Becky are married and file a joint return. They have a vacation home that they rent out for 196 days and use
Robert & Becky are married and file a joint return. They have a vacation home that they rent out for 196 days and use themselves for 49 days. Their gross rental income was $36,400. Their expenses related to the property were: Management fee Vacation home mortgage interest Vacation home property taxes Insurance Repairs & Maintenance Utilities Depreciation property taxes on their personal residence state income taxes charitable contributions $4,015 They use the court approach to allocate their vacation home expenses. Depreciation Deducted 8,030 In addition to expenses listed above, they paid the following amounts: Net Rental Income (Loss) 5,840 home mortgage interest on their personal residence Total for AGI Deductions 5,880 Total Itemized (from AGI) Deductions 4,410 6,125 17,885 $8,600 Determine the depreciation deducted, the net rental income (loss), the total for AGI deductions, and the total itemized (from AGI) deductions. Summarize your answers in the following table: 4,100 5,700 4,600
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