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 4,900 17,500 Insurance Mortgage interest Property taxes Repairs & maintenance Utilities 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.) b. Assuming that Alexa's AGI from other sources is $90,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. AGI decreases by

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 4,900 17,500 Insurance Mortgage interest Property taxes Repairs & maintenance Utilities 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.) b. Assuming that Alexa's AGI from other sources is $90,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. AGI decreases by

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 55P

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