In 20X14 Adams, an individual, changed residences and converted her former residence into a passive rental activity.
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In 20X14 Adams, an individual, changed residences and converted her former residence into a passive rental activity. In 20X14 Adams lived in the former residence for 60 days, incurred $7,000 in qualifying expenses preparing the property for rental, and rented it to a tenant for 90 days, receiving $3,000 in rent. Before considering the rental activity, Adams’s adjusted gross income for 20X14 is $120,000. After considering the rental activity, what should Adams’s 20X14 adjusted gross income be?
a. $120,000
b. $116,000
c. $118,500
d. $123,000
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To determine Adamss adjusted gross income AGI for 20X14 after considering the rental activity we nee...View the full answer
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Related Book For 
South Western Federal Taxation 2016 Individual Income Taxes
ISBN: 9781305393301
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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