During the year martin rented his vacation home for three, Ask an Expert

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During the year martin rented his vacation home for three months and spent one month threre. Gross rental income from the property was 5000. Martin incurred the following expenses:mortgage interest 3000, real estate taxes 1500, utilities 800, maintence 500, and depreciation 4000.

1) Identify the type of property and indicate why.

2) Compute Martin's allowable eductions for the vacation home usin the court's apporach

3) what schedule does martin report rental income and expence?

4) are any personal expences deductible? If so, how are these expense classifield ( for AGI, From AGI), and what schedule do they appear on? How much deductible?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9972698

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