Question

Armani owns a vacation house at the lake. He rents it out occasionally when he's unable to use it. Armani must report all of the rental income he receives on his tax return __________. Even if he only rents the house one weekend a year. If the number of days he rents the property exceeds 10% of the number of days he personally uses it. Unless he rents the vacation house at less than fair rental price. When he rents the vacation house 15 days or more in a year..

Answer 1

Correct option b

Armani owns a vacation house at the lake. He rents it out occasionally when he's unable to use it. Armani must report all of the rental income he receives on his tax return If the number of days he rents the property exceeds 10% of the number of days he personally uses it.

Explanation

Taxes have to give if the home is leased for higher than 14 days in a year or if the no of dates the home is used more than 10% of the days that Armani vacationed there. So the correct option is b.

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