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Income Tax Planning
Chapter 8: Other Deductions, Penalties, and Loss Disallowance/PRIMARILY RENTAL-USE ACTIVITY
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 8: Other Deductions, Penalties, and Loss Disallowance

PRIMARILY RENTAL-USE ACTIVITY

01.Core Concepts

Characteristics • Rented for more than 14 days • Personal use is less than the greater of: • 14 days • 10% of rental days Tax Consequences • Income is recognized • All allocable expenses are deductible, even if it results in a loss. • Ability to claim loss may be limited by passive activity rules.