Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance $ 2,050 Mortgage interest 7,450 Property taxes 4, 200 Repairs & maintenance 650 Utilities 4, 650 Depreciation 23, 700 During the year, Alexa rented out the condo for 137 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 137 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $47,750 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
Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance $ 2,050 Mortgage interest 7,450 Property taxes 4, 200 Repairs & maintenance 650 Utilities 4, 650 Depreciation 23, 700 During the year, Alexa rented out the condo for 137 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 137 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $47,750 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
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 55P
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Transcribed Image Text:Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following
expenses in connection with her condo: Insurance $ 2, 050 Mortgage interest 7, 450
Property taxes 4, 200 Repairs & maintenance 650 Utilities 4, 650 Depreciation 23, 700 During
the year, Alexa rented out the condo for 137 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 137 days, Alexa uses the condo for
8 days of personal use. Also assume that Alexa receives $47, 750 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
Transcribed Image Text:following questions: 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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