J owns a condominium in Myrtle Beach.He rented it out for seven months during the year (210 days).During the year, J used the condo for personal purposes for less than 15 days.J does not have to report any of the income but he is not entitled to deduct any of the related expenses.

Question

Quizplus · Accepted Answer

J must report the rental income on their tax return, but they can deduct certain rental expenses such as mortgage interest, property taxes, and repairs/maintenance. However, because the unit was used for personal purposes for less than 15 days, J may still be able to claim the personal use portion of mortgage interest and property taxes as itemized deductions on Schedule A.

J Owns a Condominium in Myrtle Beach