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Russell had two investments: a coin collection and land. He rented the land to a tenant who paid him $10,000 rent. He also had net

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Russell had two investments: a coin collection and land. He rented the land to a tenant who paid him $10,000 rent. He also had net investment income of $500. The rental of the land is not considered a business. Assume he itemizes his deductions. He had the following expenses. Which of the following is/are true? Property taxes on land $13,000 Mortgage Interest expense on land $3,000 $500 Safe deposit rental to store coins safely Insurance on coins $300 $700 Interest expense paid on loan to purchase coins Select one or more: a. Russell can deduct the safe deposit rental, insurance and interest expense as investment expenses. b. The property taxes and mortgage interest expense are deductible FOR AGI c. Russell has a passive activity loss of $6000 and the deduction is limited based on his AGI d.. Deduction of the property taxes is limited to $10,000 e. The safe deposit rental and insurance on the coins are not deductible on the Federal Tax Return but are deductible on the California Tax Return f. The property taxes and mortgage interest expense are investment expenses which are no longer deductible on Form 1040. g. Russell has a net loss on Schedule E of $6,000

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