Abby owns a condominium in the Great Smokey Mountains.During the year,Abby uses the condo a total of 21 days.The condo is also rented to tourists for a total of 79 days and generates rental income of $12,500.Abby incurs the following expenses:

Using the IRS method of allocating expenses,the amount of depreciation that Abby may take with respect to the rental property will be

Question

Abby owns a condominium in the Great Smokey Mountains.During the year,Abby uses the condo a total of 21 days.The condo is also rented to tourists for a total of 79 days and generates rental income of $12,500.Abby incurs the following expenses:

Using the IRS method of allocating expenses,the amount of depreciation that Abby may take with respect to the rental property will be

Quizplus · Accepted Answer

A)
 11ea7e84_1f0f_71bb_9a0a_1752864d2a59_TB1260_00 The taxpayer's use exceeds 10% of the rental days so the property is limited by the vacation home rules.

Abby Owns a Condominium in the Great Smokey Mountains