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Which of the following is true about the rental of real estate? a. Depreciation and maintenance expenses for an apartment complex are deductible. b. A vacation home is a home that is rented for 15 days or more and is used by the taxpayer for personal use for more than the greater of 14 days or 10 percent of the days it is rented for fair value during the year. c. If a home is rented for less than 15 days a year, the rent is not taxable. d. Repairs on rental property are deductible by the taxpayer. e. All of the above. 2. John owns a second home in Palm Springs, CA. During the year, he rented the house for $4,000 for 30 days and used the house for 10 days during the summer. The house remained vacant during the remainder of the year. The expenses for the home included $5,000 in mortgage interest, $600 in property taxes, $900 for utilities and maintenance, and $3,500 of depreciation. What is John’s deductible rental loss, before considering the passive loss limitations? a. $200 b. $875 c. $1,600 d. $3,500 e. $0 3. Helen, a single taxpayer, has modified adjusted gross income (before passive losses) of $140,000. During 2014, Helen’s rental house generated a loss of $15,000. Assuming Helen is actively involved in the management of the property, what is the amount of Helen’s passive loss deduction from the rental house? a. $0 b. $5,000 c. $10,000 d. $15,000 e. None of the above 4. Which of the following is not classified as portfolio in
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