Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 3,200 8,300 2,960 2,000 Insurance Mortgage interest Property taxes Repairs & maintenance Utilities 4,900 17,500 Depreciation During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assuming Alexa receives $24,800 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) a. What effect does the rental activity have on her AGI for the year? AGI
Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 3,200 8,300 2,960 2,000 Insurance Mortgage interest Property taxes Repairs & maintenance Utilities 4,900 17,500 Depreciation During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assuming Alexa receives $24,800 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) a. What effect does the rental activity have on her AGI for the year? AGI
Chapter4: Additional Income And The Qualified Business Income Deduction
Section: Chapter Questions
Problem 16MCQ: John owns a second home in Palm Springs, CA. During the year, he rented the house for $5,000 for 56...
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT