Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 1,270 710 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation 6,300 1,150 800 840 10,950 During the year, Natalie rented out the condo for 98 days, receiving $31,250 of gross income. She personally used the condo for 40 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.)

Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 1,270 710 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation 6,300 1,150 800 840 10,950 During the year, Natalie rented out the condo for 98 days, receiving $31,250 of gross income. She personally used the condo for 40 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.)

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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