Alice rented her personal residence for 13 days to summer vacationers for $4,800. She has AGI of $110,500 before the ren...
Alice rented her personal residence for 13 days to summer vacationers for $4,800. She has AGI of $110,500 before the rental income. Related expenses for the year include the following:
| Real property taxes | $ | 4,420 | |
| Utilities | 5,900 | ||
| Insurance | 950 | ||
| Mortgage interest | 7,800 | ||
| Repairs | 910 | ||
| Depreciation | 18,500 | ||
a. What is the net rental income includible in
AGI?
Net rental income:
b. Is mortgage interest and property taxes
deductible on Schedule A?
yes or no
Homework Answers
Answer:
a) Since the rental days are 14 days or less, none of the income and rental expenses are reported (IRC 280(A) (d) (1)).
b) The mortgage interest and property taxes are deductible on Schedule A as itemized deductions.
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