Which of the following statements is correct?
A)If a personal residence is rented for fewer than 15 days,the rent income is not included in gross income and no expenses can be deducted.
B)If a personal residence is rented for more than 14 days,the rent income must be included in gross income and all the related expenses can be deducted.
C)If a personal residence is rented for more than 14 days and the personal use days exceed 14 days and 10% of the rental days,the rent income must be included in gross income,but the expense deductions are limited to the amount of gross income.
D)Only a.and b.
E)Only a.and c.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is correct?
A)If a personal residence is rented for fewer than 15 days,the rent income is not included in gross income and no expenses can be deducted.
B)If a personal residence is rented for more than 14 days,the rent income must be included in gross income and all the related expenses can be deducted.
C)If a personal residence is rented for more than 14 days and the personal use days exceed 14 days and 10% of the rental days,the rent income must be included in gross income,but the expense deductions are limited to the amount of gross income.
D)Only a.and b.
E)Only a.and c.

Which of the Following Statements Is Correct