Alice rented her personal residence for 12 days to summer vacationers for $3,400. She has AGI of

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Alice rented her personal residence for 12 days to summer vacationers for $3,400. She has AGI of $91,000 before the rental income. Related expenses for the year include the following:

Real Property taxes	$3,640
Utilities	5,250
Insurance	600
Mortgage interest	6,400
Repairs	520
Depreciation	12,000

a. What is the net rental income includible in AGI?
b. Is mortgage interest and property taxes deductible on Schedule A?

Related Book For answer-question

Fundamentals of Taxation 2015

ISBN: 9781259293092

8th edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

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Posted Date: Jan 12, 2022 05:02 AM

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Alice rented her personal residence for 12 days to summer vacationers for $3,400. She has AGI of

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a Net Rental Income Gross Receipts 3400 Less Prope... View the full answer

Fundamentals of Taxation 2015

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