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Case Study 3: Personal Use of Rental PropertyLatricia converted the basement of her home into a one-bedroom apartment. She rented the apartment at a fair rental price to college students during the nine-month school year. During June, Latricia's brother stayed in the apartment rent-free.
Click here for an explanation. Limitations will apply to Latricia's rental expense deductions because the apartment was used for personal purposes for 30 days, which was more than the greater of:
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