Unformatted text preview: Martin incurred the following expenses, mortgage interest of $3,000, real estate taxes of $1,500, utilities of $800, maintenance of $500, and depreciation of $4,000. Assume he has a salary of $50,000 and is entitled one exemption for himself. Calculate his taxable income. B. Now assume the vacation home is rented for 10 days, and used personally for two months. Again calculate his taxable income....
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- Spring '10
- Progressive Tax, Taxation in the United States, rental income, Special Homework