(Answered) Find and readirc sect 163h4aitreasury regulation reg

Accounting

Find and read:

IRC § 163(h)(4)(A)(i),

Treasury Regulation (Reg.) §1.121-1 and

IRC § 280A(d)(1)

Rev. Rul. 71-179, 1971-1 CB 58 and

Reg. §1.163-1(b).

Donald Trapp owns a home that is used as a residence by his children and grandchildren. The children give money to Donald that is less than a fair rent so he can pay the mortgage and property taxes. Can Donald deduct the interest and property taxes as an itemized deduction? Explain.

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