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Business, 13.03.2020 19:20 angie07253

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 12,400

a. What effect does the rental have on Dillon’s AGI

Effect of rental activity on Dillon's AGI

b. What effect does the rental have on Dillon’s itemized deductions?

1.Itemizable real property taxes

2.Itemizable mortgage interest

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Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland....
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