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Utilities and maintenance deductible is? Deductible depreciation is? Net income from activity? If its approach is used for deduction, what is the net income from
Utilities and maintenance deductible is? Deductible depreciation is? Net income from activity? If its approach is used for deduction, what is the net income from activity? What is the order of deduction?
this is for the year ending in 2019. also i meant to put if the IRS aproach is used for the deductions what would be the net income from the activity.
2 points Saved QUESTION 49 B. During the year Martin rented his vacation home for three months and spent one month there. Gross rental income from the property was $5,000. Martin incurred the following expenses: mortgage interest, $3,000 real estate taxes, S1,500; utilities, $800; maintenance, $500; and depreciation, $4,000. Compute Martin's allowable deductions for the vacation home, using months to simplify the computation (rather than days as usually used in L.R.C. computations) and using the court-approved approach favorable to the taxpayer. 49. The amount of taxes and interest deductible against the rental income under the court approved approach is: a $1,125 Ob b. so. c c $3,375 d d $4.500 Step by Step Solution
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