Lee and Ben own a winter retreat in Harlingen, Texas, that qualifies as their second home This
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Lee and Ben own a winter retreat in Harlingen, Texas, that qualifies as their second home This year they spent 40 days in their cabin. Because of its ideal location, it is easy to rent at $120 a day and was rented for 80 days this year. The total upkeep costs of the cabin for the year were as follows:
What is the proper treatment of this information on Lee and Ben's tax return? (Round percentages to 4 decimals)
Transcribed Image Text:
Mortgage interest Real and personal property taxes Insurance Utilities Repairs and maintenance Depreciation $ 9,000 1,200 750 600 1,000 2,500
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Because the personal use of the home exceeds 14 days the home is a vacation home and deductions are ...View the full answer
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Related Book For
Concepts In Federal Taxation 2022
ISBN: 9780357515785
29th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
Question Posted:
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