Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes $ 1,410 590 6,100 1,490 630 Repairs & maintenance Utilities 520 Depreciation 10,000 During the year, Natalie rented out the condo for 95 days, receiving $18,000 of gross income. She personally used the condo for 42 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property.
Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes $ 1,410 590 6,100 1,490 630 Repairs & maintenance Utilities 520 Depreciation 10,000 During the year, Natalie rented out the condo for 95 days, receiving $18,000 of gross income. She personally used the condo for 42 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property.
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 33P
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![Required information
[The following information applies to the questions displayed below.]
Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the
following expenses in connection with her condo:
Insurance
$ 1,410
590
6,100
Advertising expense
Mortgage interest
Property taxes
Repairs & maintenance
1,490
630
Utilities
520
Depreciation
10,000
During the year, Natalie rented out the condo for 95 days, receiving $18,000 of gross
income. She personally used the condo for 42 days during her vacation. Natalie's
itemized deduction for nonrental taxes is less than $10,000 by more than the property
taxes allocated to the rental use of the property.
Assume Natalie uses the Tax Court method of allocating expenses to rental use of the
property. Assume 365 days in the current year. (Do not round apportionment ratio.
Round all other dollar values to the nearest whole dollar amount.)
1. What is the total amount of itemized deductions Natalie may deduct in the current year related to the
condo?
Itemized deductions](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe3f6c889-a75c-4371-a5c1-ff1949d4fdf5%2Fc2a3dbbf-0d28-4600-a7b9-11c84106c558%2Fyppez84_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the
following expenses in connection with her condo:
Insurance
$ 1,410
590
6,100
Advertising expense
Mortgage interest
Property taxes
Repairs & maintenance
1,490
630
Utilities
520
Depreciation
10,000
During the year, Natalie rented out the condo for 95 days, receiving $18,000 of gross
income. She personally used the condo for 42 days during her vacation. Natalie's
itemized deduction for nonrental taxes is less than $10,000 by more than the property
taxes allocated to the rental use of the property.
Assume Natalie uses the Tax Court method of allocating expenses to rental use of the
property. Assume 365 days in the current year. (Do not round apportionment ratio.
Round all other dollar values to the nearest whole dollar amount.)
1. What is the total amount of itemized deductions Natalie may deduct in the current year related to the
condo?
Itemized deductions
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