Mario, who is single and elects to itemize, rents his mountain house for 2 1 0 days
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Question:
Mario, who is single and elects to itemize, rents his mountain house for days and uses it for personal use for days during the year, not a leap year. Income and expenses associated with the property are:
Rental income
Mortgage interest payments
Property tax payments
Depreciation
Utility payments
Maintenance payments
$
If Mario is allowed a choice, Mario would choose to use the court approach to allocating mortgage interest and property taxes. Determine the amount of expense that Mario would deduct from AGI on his current year tax return associated with the mountain house.
Related Book For
Federal Taxation 2017 Individuals
ISBN: 9780134420868
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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