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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 Insurance
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: $ 2,000 Insurance Mortgage interest Property taxes Repairs and maintenance 6,500 2,000 1,400 Utilities 2,500 14,500 Depreciation 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. . 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. 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. X Answer is complete but not entirely correct. Effect of rental activity on Alexa's AGI decrease by O $ 81,100 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. OAnswer is complete but not entirely correct. Effect of rental activity on Alexa's AGI decrease by $ 111,100 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? Answer is complete but not entirely correct. Effect of rental activity on Alexa's AGI decrease by $ 191,100
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Answer Insurance 2000 Mortgage interest 6500 Property taxes 2000 Repairs maintenance 1400 Utilities 2500 Depreciation 14500 Total 28900 Gross income 20000 Net rental loss 89002890020000 a AGI No effec...Get Instant Access to Expert-Tailored Solutions
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