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Sofia is a CPA in Salt Lake City and an avid skier. To make her skiing sessions more enjoyable, Sofia purchases a condo in Park
Sofia is a CPA in Salt Lake City and an avid skier. To make her skiing sessions more enjoyable, Sofia purchases a condo in Park City. She uses the condo days a week for weeks. She then rents it out for days and is actively involved in managing the rental. The remainder of the year it remains vacant. She receives $ in rental income, and total condo expenses for the year are $ How does Sofia report this on her tax return? Assume Sofia's AGI is less than $
a Sofia reports $ income and $ expense for a net $ income or loss.
b Sofia reports a $ rental loss.
c Sofia reports a $ rental loss.
d Sofia disregards the rental and reports nothing regarding the property.
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