Several years ago, Junior acquired a home that he vacationed in part of the time and rented
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Question:
Several years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time. During the current year Junior:
- Personally stayed in the home for 32 days.
- Rented it to his favorite brother at a discount for 17 days.
- Rented it to his least favorite brother for 17 days at the full market rate.
- Rented it to his friend at a discounted rate for 11 days.
- Rented the home to third parties for 60 days at the market rate.
- Did repair and maintenance work on the home for 3 days.
- Marketed the property and made it available for rent 217 days (but did not rent it out) during the year, in addition to the days mentioned above.
How many days of personal use and how many days of rental use did Junior experience on the property during the year?
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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