on nov 15, alex and Deanna kent come to you for tax advice. the kents, a married couple that files a joint tax return, own a rental home in southern cali. from January to nov 1 of the current year, they rented out the home for 210 days. since they live in Minnesota, they are considering staying in their rental home from Dec 10 to the 31st. if they do not stay in their home during that period it will stay vacant. they ask you if this decision would have any tax consequences. they also provide the following info.
rental home income and expenses
rental income 16000
mortgage interest 12,400
property tax 4,300
homeowners assoc. fees. 3,500
deprec. 18000
othe income and expenses
deannas salary 75000
alex’s salary 65000
passive income from an investment in LLP 1,000
Mortgage interest on Minnesota home 7800
charitable contributions 14,200
medical expenses 8,100
property tax on Minnesota home 2,900
state income tax 9,700
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