Multiple Choice
Which of the following statements is true concerning vacation home properties?
A) A property rented for 15 days or more and used for personal use for no more than 14 days is categorized as primarily rental.
B) A property rented for 15 days or more and used for personal use for more than 14 days is categorized as primarily personal.
C) A property categorized as primarily personal is one rented for zero days.
D) Report all income and expenses for a personal/rental property and the net amount reported may be either net income or net loss.
Correct Answer:
Verified
Correct Answer:
Verified
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