The Groves own a beach house as a second home. This year, the Groves used the beach
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The Groves own a beach house as a second home. This year, the Groves used the beach house personally for 4 months. For 14 days during the summer, the Groves rented out their beach house for $5,000 total to friends. Which statement is true regarding the taxability of the Groves’ beach house?
a. $5,000 is included in gross income.
b. Mortgage interest paid on the beach house is deductible.
c. All repair expenses on the beach house are deductible.
d. Depreciation expense on the beach house is deductible.
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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