Which of the following statements is correct? If a personal residence is rented
ID: 2444457 • Letter: W
Question
Which of the following statements is correct?
If a personal residence is rented for 20 days, the rent income is not included in gross income and no expenses can be deducted.
If a personal residence is rented for more than 14 days, the rent income must be included in gross income and all the related expenses can be deducted.
If a personal residence is rented for more than 14 days and the personal use days exceed the greater of 14 days or 10% of the rental days, the rent income must be included in gross income, but the expense deductions are limited to the amount of rent income.
Only a. and b.
Only a. and c.
A)If a personal residence is rented for 20 days, the rent income is not included in gross income and no expenses can be deducted.
B)If a personal residence is rented for more than 14 days, the rent income must be included in gross income and all the related expenses can be deducted.
C)If a personal residence is rented for more than 14 days and the personal use days exceed the greater of 14 days or 10% of the rental days, the rent income must be included in gross income, but the expense deductions are limited to the amount of rent income.
Only a. and b.
Only a. and c.
Explanation / Answer
Only a. and b.
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