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Topic
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Adams owns a second residence that is used for both personal and rental purposes. During Year 1, Adams used the second residence for 50 days and rented the residence for 200 days. Which of the following statements is correct?
This is a WRONG answer: “A rental loss may be deducted if rental-related expenses exceed rental income.”
Why would that be? Can’t a txpayer deduct 25K in rental income losses each year if his AGI is 100K or under?
AUD - 93
BEC - 87
FAR - 77
REG - 77------------
Corporate finance leaderBEC - 87 | 02/28
REG - 70 | 06/10, REMATCH | 08/30
AUD - XX | 09/10
FAR - XX | 12/10
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