Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses...
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Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: $ 2,000 6,500 Insurance Mortgage interest Property taxes Repairs and maintenance Utilities 2,000 1,400 2,500 Depreciation 14,500 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 there are 365 days in the year. Assume Alexa receives $20,000 in gross rental receipts. a. Alexa's AGI from all sources other than the rental property is $2o0,000. What effect does the rental activity have on her AGI for the year? Effect of rental activity on Alexa's AGI b. Assuming that Alexa's AGI from other sources is $90,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. Effect of rental activity on Alexa's AGI c. Assuming that Alexa's AGI from other sources is $120,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. Effect of rental activity on Alexa's AGI d. Assume that Alexa's AGI from other sources is $200,000. This consists of $150,000 salary, $10,000 of dividends, $25,000 of long- term capital gain, and net rental income from another rental property in the amount of $15,000. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI? Effect of rental activity on Alexa's AGI Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: $ 2,000 6,500 Insurance Mortgage interest Property taxes Repairs and maintenance Utilities 2,000 1,400 2,500 Depreciation 14,500 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 there are 365 days in the year. Assume Alexa receives $20,000 in gross rental receipts. a. Alexa's AGI from all sources other than the rental property is $2o0,000. What effect does the rental activity have on her AGI for the year? Effect of rental activity on Alexa's AGI b. Assuming that Alexa's AGI from other sources is $90,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. Effect of rental activity on Alexa's AGI c. Assuming that Alexa's AGI from other sources is $120,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. Effect of rental activity on Alexa's AGI d. Assume that Alexa's AGI from other sources is $200,000. This consists of $150,000 salary, $10,000 of dividends, $25,000 of long- term capital gain, and net rental income from another rental property in the amount of $15,000. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI? Effect of rental activity on Alexa's AGI
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Expenses total 28900 This gives her a loss of 8900 a What effect does the rental activity have on he... View the full answer
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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