! Required information [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation During the year, Alexa rented out the condo for 127 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. $ 3,750 11,400 4,500 560 Assume that in addition to renting the condo for 127 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $46,250 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo and that 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: Note that the home is considered to be a nonresidence with rental use. From AGI deductions 4,550 16, 200 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. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) $ 16,200
! Required information [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation During the year, Alexa rented out the condo for 127 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. $ 3,750 11,400 4,500 560 Assume that in addition to renting the condo for 127 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $46,250 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo and that 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: Note that the home is considered to be a nonresidence with rental use. From AGI deductions 4,550 16, 200 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. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) $ 16,200
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 55P
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Question
Please do not give image format
![!
Required information
[The following information applies to the questions displayed below.]
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the
following expenses in connection with her condo:
Insurance
Mortgage interest
Property taxes
Repairs & maintenance
Utilities
Depreciation
$ 3,750
11,400
4,500
560
During the year, Alexa rented out the condo for 127 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.
4,550
16,200
Assume that in addition to renting the condo for 127 days, Alexa uses the condo for
8 days of personal use. Also assume that Alexa receives $46,250 of gross rental
receipts and her itemized deductions exceed the standard deduction before
considering expenses associated with the condo and that 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:
Note that the home is considered to be a nonresidence with rental use.
From AGI deductions
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. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar
amount.)
16,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7f0a31e-149e-4057-91bc-41e0ddd41717%2F916c3c52-db43-4c35-81fc-5bf26204ee0e%2F5i5w06h_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the
following expenses in connection with her condo:
Insurance
Mortgage interest
Property taxes
Repairs & maintenance
Utilities
Depreciation
$ 3,750
11,400
4,500
560
During the year, Alexa rented out the condo for 127 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.
4,550
16,200
Assume that in addition to renting the condo for 127 days, Alexa uses the condo for
8 days of personal use. Also assume that Alexa receives $46,250 of gross rental
receipts and her itemized deductions exceed the standard deduction before
considering expenses associated with the condo and that 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:
Note that the home is considered to be a nonresidence with rental use.
From AGI deductions
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. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar
amount.)
16,200
![!
Required information
[The following information applies to the questions displayed below.]
Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007,
for $205,000. He sold the home on January 1, 2020, for $232,600. How much gain
must Troy recognize on his home sale in each of the following alternative situations?
(Leave no answer blank. Enter zero if applicable.)
d. Troy rented out the home from January 1, 2007, through December 31, 2015. He lived in the home
as his principal residence from January 1, 2016, through December 31, 2016. He rented out the home
from January 1, 2017, through December 31, 2017, and lived in the home as his principal residence
from January 1, 2018, through the date of the sale. Assume accumulated depreciation on the home at
the time of sale was $0. (Do not round intermediate calculations. Round your final answer to the
nearest whole dollar amount.)
Recognized gain](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7f0a31e-149e-4057-91bc-41e0ddd41717%2F916c3c52-db43-4c35-81fc-5bf26204ee0e%2Fzsrtv9_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007,
for $205,000. He sold the home on January 1, 2020, for $232,600. How much gain
must Troy recognize on his home sale in each of the following alternative situations?
(Leave no answer blank. Enter zero if applicable.)
d. Troy rented out the home from January 1, 2007, through December 31, 2015. He lived in the home
as his principal residence from January 1, 2016, through December 31, 2016. He rented out the home
from January 1, 2017, through December 31, 2017, and lived in the home as his principal residence
from January 1, 2018, through the date of the sale. Assume accumulated depreciation on the home at
the time of sale was $0. (Do not round intermediate calculations. Round your final answer to the
nearest whole dollar amount.)
Recognized gain
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