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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: Insurance $ 4,200 Mortgage

Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:

Insurance $ 4,200
Mortgage interest 8,800
Property taxes 2,700
Repairs & maintenance 550
Utilities 3,600
Depreciation 14,600

During the year, Alexa rented out the condo for 165 days. Alexas 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 165 days, Alexa uses the condo for eight days of personal use. Also assume that Alexa receives $36,000 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.

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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.

Gross rental income Expenses Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation Total expenses Balance-net rental income Total "for AGI" deductions 0

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