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Questions and Answers
What expenses can be deducted from rental income?
What expenses can be deducted from rental income?
- Grocery bills, car payments, and gym memberships
- Mortgage interest, real estate taxes, and property management fees (correct)
- Property taxes, landscaping fees, and cable TV
- Clothing purchases, travel expenses, and restaurant meals
If you use a rental property for personal purposes for more than 14 days or 10% of the days rented, what may happen?
If you use a rental property for personal purposes for more than 14 days or 10% of the days rented, what may happen?
- You may have to limit the amount of expenses that you can deduct (correct)
- You can no longer rent out the property
- You can still deduct all expenses from rental income
- You may have to pay a higher tax rate on rental income
What is the amount of rental income that needs to be reported on your tax return?
What is the amount of rental income that needs to be reported on your tax return?
- The amount of money you receive from tenants
- The amount of money you spend on the property
- The amount of money you earn from your job
- The amount of money you receive from tenants minus the expenses you incur (correct)
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