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Florida Real Estate Exam

Category - Florida

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Tom Davis owns a single-family residence in which he, his wife, and five children reside. In filling out his income tax return he itemizes his various allowable deductions. The following expense would NOT be allowed as a deduction:

Real property taxes
Interest on the loan
Cost of repainting exterior
Uninsured casualty losses

Explanation

Answer C - Maintenance expenses for one’s own residence are not deductible.

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Florida Real Estate Exam

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