Required information

Problem $14-60($LO $14-5)($Static$)$

$[$The following information applies to the questions displayed below.$]$

Alexa owns a condominium near Cocoa Beach in Florida. In $2023,$ she incurs the following expenses in connection with

her condo:

During the year, Alexa rented out the condo for $100$ days. She did not use the condo at all for personal purposes during

the year. 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 Alexa receives $$30,000$ in gross rental receipts.

Problem $14-60$ Part a $($Static$)$

a$.$ What effect do the expenses associated with the property have on her AGI?

Answer is complete but not entirely correct.

Effect of expenses on AGI $ $1,100$

$!$

Required information

Problem $14-41($LO $14-2)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Steve Pratt, who is single, purchased a home in Riverside, California, for $$602,500.$ He moved into the home on February $1$

of year $1.$ He lived in the home as his primary residence until June $30$ of year $5,$ when he sold the home for $$902,500.$

Note: Leave no answer blank. Enter zero if applicable.

Problem $14-41$ Part a $($Algo$)$

a$.$ What amount of gain will Steve be required to recognize on the sale of the home?