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Kenneth owns a condo that he rented out for 289 days during the year. He did not use the condo for any personal days during the year. He received $18,000 in rent and incurred the following expenses related to the condo: mortgage interest of $12,000; real estate property taxes of $3,000, utilities of $1,000, and advertising costs of $200. Which of the following statements accurately describes how Kenneth should report his rental receipts and expenses for tax purposes? Kenneth would include the rental receipts in gross income and deduct the rental expenses for AGI. Kenneth would exclude the rental receipts from gross income and deduct the rental expenses for AGI. Kenneth would exclude the rental receipts, and he would not deduct the rental expenses. None of the choices are correct. Kenneth would include the rental receipts in gross income and would not deduct the rental expenses. Kenneth owns a condo that he rented out for 289 days during the year. He did not use the condo for any personal days during the year. He received $18,000 in rent and incurred the following expenses related to the condo: mortgage interest of $12,000; real estate property taxes of $3,000, utilities of $1,000, and advertising costs of $200. Which of the following statements accurately describes how Kenneth should report his rental receipts and expenses for tax purposes? Kenneth would include the rental receipts in gross income and deduct the rental expenses for AGI. Kenneth would exclude the rental receipts from gross income and deduct the rental expenses for AGI. Kenneth would exclude the rental receipts, and he would not deduct the rental expenses. None of the choices are correct. Kenneth would include the rental receipts in gross income and would not deduct the rental expenses

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