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Business, 29.10.2019 22:31 quece233

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 asa) 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. b) rental property. expenses in excess of income may be deducted although net income or loss is subject to the passive activity rules. c) property that is treated as a hobby which gives rise to from agi deductions only. d) 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

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Vanessa owns a houseboat on lake las vegas that she personally uses for 25 days out of the year and...

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