Question: IThe following information applies to the questions displayed belowj Alexa owns a condominium near Cocoa Beach in Florida This year, she incurs the following expenses


IThe following information applies to the questions displayed belowj Alexa owns a condominium near Cocoa Beach in Florida This year, she incurs the following expenses in connection with her condo 1,800 nsurance Mortgage Interest 7.400 4.350 Property taxes Repairs & malntenance 730 Utilities 2,400 Depreciatlon 18,600 During the year, Alexa rented out the condo for 127 days. Alexa's AGIfrom 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 127 days, Alexa uses the condo for eight days of personal use. Also assume that Alexa receives $50,250 of gross rental receipts. Answer the following questions: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
