Dillon rented his personal residence at Lake Tahoe for 14 days while he was vaca

Question

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 $5,100. Expenses associated with use of the home for the entire year were as follows: Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation $ 2,500 10,750 1,050 1,180 3,720 10,200 b. What are Dillon's itemizable real property taxes and itemizable mortgage interest (assuming he itemizes deductions before considering deductions associated with the home)? Itemizable real property taxes Itemizable mortgage interest

Explanation / Answer

$      10,750

Dillon can claim real property tax $ 2,500 and mortgage interest $10,750 as itemizeable deductions.

Itemizable real property taxes $         2,500 Itemizable mortgage interest

$      10,750

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