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Business, 08.04.2020 04:59 jenn8055

QUIZLET Francisco owns a beach house condo that he rents. The following information is available: Personal use days 10 days Used by relatives 90 days Rental days 200 days Rental income $40,000 Expenses: Association condo fees $24,000 Utilities: Taxes $12,000 Interest on acquisition loan: $600,000 at 3% interest only $18,000 (this is the only debt of the taxpayer) Management fee for rentals $15,000 Depreciation $4,000 What kind of activity is this for tax purposes? Question 39 options: Vacation home. Personal residence Rental property Mixed use property

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QUIZLET Francisco owns a beach house condo that he rents. The following information is available: Pe...
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