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Author Question: Vanessa owns a houseboat on Lake Las Vegas that she personally uses for 25 days out of the year and ... (Read 78 times)

luminitza

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on: Sep 13, 2020
Vanessa owns a houseboat on Lake Las Vegas that she personally uses for 25 days out of the year and rents for 280 days. For tax purposes, the houseboat is classified as
◦ neither a residence nor rental property. Because it is rented a nominal number of personal use days, both revenue and expenses (other than those otherwise allowable) are ignored.
◦ rental property. Expenses in excess of income may be deducted although net income or loss is subject to the passive activity rules.
◦ property that is treated as a hobby which gives rise to from AGI deductions only.
◦ a combination of the taxpayer's residence and rental property. The deduction for expenses is limited to the amount of income generated by the property.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by luminitza on Sep 13, 2020

Leostella20

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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luminitza

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

mjenn52

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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