Question

Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $6,200. Expenses associated with use of the home for the entire year were as follows: Real property taxes $ 3,050 Mortgage interest 12,125 Repairs 1,325 Insurance 1,510 Utilities 5,040 Depreciation 12,400a. What effect does the rental have on Dillon’s AGIb. What effect does the rental have on Dillon’s itemized deductions?

Answer 1

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Explanation

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