Assume that in addition to renting the condo for 100 days, Alexa uses the condo for 8

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Assume that in addition to renting the condo for 100 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $30,000 of gross rental receipts. Answer the following questions:

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.

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.

c. Would Alexa be better or worse off after taxes in the current year if she uses the Tax Court method of allocating expenses?

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Related Book For book-img-for-question

Taxation Of Individuals 2017

ISBN: 9781259548666

8th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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Question Posted: May 23, 2017 10:06 AM

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Assume that in addition to renting the condo for 100 days, Alexa uses the condo for 8

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Step by Step Answer:

a 26760 Since Alexa used the condo personally for 8 days she must allocate the expenses between pers...View the full answer

Taxation Of Individuals 2017

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