Question
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses with her condo: Insurance Mortgage interest Property taxes Repairs
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,050 7,450 4,200 650 4,650 23,700 704 During the year, Alexa rented out the condo for 137 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 that in addition to renting the condo for 137 days, Alexa uses the condo for 8 days of personal use Also assumed that Alexa receives $47,750 of gross rental receipts and her itemized deduction exceed the standard deduction before considering expenses associated with the condo and that her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the following questions: Note that the home is considered to be a nonresidence with rental use. 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. (Do not round immediate calculations. Round your final an swers to the nearest whole dollar amount.)
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