Business, 25.03.2021 23:40 azaz1819

Karen and Andy own a beach house. They have an agreement with a rental agent to rent it up to 200 days per year. For the past three years, the agent has been successful in renting it for 200 days. Karen and Andy use the beach house for one week during the summer and one week during Thanksgiving. Their daughter, Sarah, a college student, has asked if she and some friends can use the beach house for the week of spring break. Advise Karen and Andy on how they should respond, and identify any relevant tax issues. If the residence is rented for fill in the blank 1 14 days or more in a year and is not used for personal purposes for more than the greater of fill in the blank 3 14 days or fill in the blank 4 10 % of the total days rented, the residence is treated as rental property. The expenses must be allocated between personal and rental days if there are any personal use days during the year. In prior years, the beach house has been classified as

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Karen and Andy own a beach house. They have an agreement with a rental agent to rent it up to 200 da...

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