Question
Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo: Insurance $ 2,900 Mortgage
Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo:
Insurance | $ 2,900 |
---|---|
Mortgage interest | 7,850 |
Property taxes | 2,720 |
Repairs & maintenance | 1,850 |
Utilities | 4,300 |
Depreciation | 16,750 |
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.
Assuming Alexa receives $23,600 in gross rental receipts, answer the following questions:
Note: Leave no answer blank. Enter zero if applicable.
Required:
What effect does the rental activity have on her AGI for the year?
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
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.
Assume that Alexa's AGI from other sources is $200,000. This consists of $136,500 salary, $13,600 of dividends, $30,400 of long-term capital gain, and net rental income from another rental property in the amount of $19,500. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started