Other allocated expenses: $2,000-Net Rental Loss: ($1,500)What is the correct treatment of the rental income and expenses on Bob and April’s joint income tax return for the current year assuming the IRS approach is used if applicable?A. A $1,500 loss should be reported.B. Only the mortgage interest and property taxes should be deducted.C. Since the house was used more than 10 days personally by Bob and April, the rental expenses (other than mortgage interest and property taxes) are limited to the gross rental income in excess of deductions for interest and taxes allocated to the rental use.D. Since the house was used less than 50% personally by Bob and April, all expenses allocated to personal use may be deducted.E. Bob and April should include none of the income or expenses related to the beach house in their current year income tax return.