Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes $ 2,200 11,050 3,200 Repairs & maintenance Utilities 1,330 Depreciation 3,400 -21,100 During the year, Alexa rented out the condo for 145 days. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume that in addition to renting the condo for 145 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $42.000 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the following questions: Required: a. What is the total amount of for AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. What is the total amount of from AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.
Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes $ 2,200 11,050 3,200 Repairs & maintenance Utilities 1,330 Depreciation 3,400 -21,100 During the year, Alexa rented out the condo for 145 days. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume that in addition to renting the condo for 145 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $42.000 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the following questions: Required: a. What is the total amount of for AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. What is the total amount of from AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 55P
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Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo:
$2,200
11,050
3,200
Insurance
Mortgage interest
Property taxes
Repairs & maintenance
Utilities
Depreciation
1,330
3,400
-21,100
During the year, Alexa rented out the condo for 145 days. Alexa's AGI from all sources other than the rental property is $200,000.
Unless otherwise specified, Alexa has no sources of passive income.
Assume that in addition to renting the condo for 145 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa
receives $42.000 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses
associated with the condo, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real
property taxes allocated to rental use of the home. Answer the following questions:
Required:
a. What is the total amount of for AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses
the IRS method of allocating expenses between rental and personal days.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
b. What is the total amount of from AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses
the IRS method of allocating expenses between rental and personal days.
Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.
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