[The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach...

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[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: $ 4,300 11,550 4,300 1,410 5,000 19,500 Insurance Mortgage interest Property taxes Repairs and maintenance Utilities Depreciation During the year, Alexa rented out the condo for 157 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 there are 365 days in the year. Assume that in addition to renting the condo for 157 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $45,750 of gross rental receipts. Answer the following questions: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 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. (Amounts to be deducted should be indicated with a minus sign.) O Answer is complete but not entirely correct. Gross rental income $ 200,000 Expenses: Insurance 4,300 Mortgage interest 11,500 Property taxes 4,300 Repairs & maintenance 1,410 Utilities 5,000 Depreciation 19,500 Less: total expenses 46,010 Balance-net rental income $ 12,941 Total "for AGI" deductions $ 12,941 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. OAnswer is complete but not entirely correct. From AGI deductions 2$ 12,941 [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: $ 4,300 11,550 4,300 1,410 5,000 19,500 Insurance Mortgage interest Property taxes Repairs and maintenance Utilities Depreciation During the year, Alexa rented out the condo for 157 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 there are 365 days in the year. Assume that in addition to renting the condo for 157 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $45,750 of gross rental receipts. Answer the following questions: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 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. (Amounts to be deducted should be indicated with a minus sign.) O Answer is complete but not entirely correct. Gross rental income $ 200,000 Expenses: Insurance 4,300 Mortgage interest 11,500 Property taxes 4,300 Repairs & maintenance 1,410 Utilities 5,000 Depreciation 19,500 Less: total expenses 46,010 Balance-net rental income $ 12,941 Total "for AGI" deductions $ 12,941 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. OAnswer is complete but not entirely correct. From AGI deductions 2$ 12,941

Answer rating: 100% (QA)

Answer a Gross rental income 45750 Expenses Insurance 4300157165 409... View the full answer