Which of the following statements is incorrect? a. A vacation home becomes a personal residence when its owner uses it more than the greater of 14 days or 10 percent of the number of rental days. b. If a dwelling is classified as a personal residence, rental losses are not deductible. c. If an individual rents out a vacation home for more than 14 days and does not use it excessively for personal purposes, losses are allowed to be deducted from AGI. d. If an individual actively participates in the rental real estate activity, up to $25,000 of losses can be used to offset nonpassive income.
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Which of the following statements is incorrect? a. A vacation home becomes a personal residence when...
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