Asked by Angelina Carbonell on May 20, 2024
Verified
There are two methods available to taxpayers to allocate expenses between personal and rental use of properties.
Allocate Expenses
The process of assigning costs to specific cost centers or accounts based on their usage or benefit received.
- Recognize the different methods available for allocating expenses between personal and rental use.
Verified Answer
GY
Ghalia YounesMay 21, 2024
Final Answer :
True
Explanation :
Taxpayers can use either the actual expenses method or the simplified method (IRS safe harbor) to allocate expenses between personal and rental use of properties.
Learning Objectives
- Recognize the different methods available for allocating expenses between personal and rental use.
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