Question: Blake is considering renting out his home for one week (seven days) during the summer. He is unsure of the tax consequences. Which of the following statements is correct?
a. The rental income is includible in full in gross income.
b. The rental income is not includible in income.
c. The rental income is includible in income, but mortgage interest and property taxes allocable to the rental are deductible for AGI.
d. The rental income is not includible in income, but mortgage interest and property taxes allocable to the rental are not deductible.