Garrett Owns a lake home. During the year he rented the home for $1800 for two weeks,
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Garrett Owns a lake home. During the year he rented the home for $1800 for two weeks, lived in the home for 3 months, and left the home vacant during the remainder of the year. The expenses for the lake home include $5,000 mortgage interest, $700 in property taxes,$2100 in utilities and maintenance, and $3000 in depreciation.
a. What income does he need to report, and what deductions can he claim?
b. What are examples of specific changes that would make this fit into each of the other two categories?
Related Book For
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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