Question
amar owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo: Insurance $ 1,060 Advertising
amar owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo:
Insurance | $ 1,060 |
---|---|
Advertising expense | 640 |
Mortgage interest | 4,500 |
Property taxes | 1,290 |
Repairs & maintenance | 1,200 |
Utilities | 570 |
Depreciation | 12,300 |
During the year, Tamar rented out the condo for 89 days, receiving $14,000 of gross income. She personally used the condo for 38 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property.
Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year.
Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.
QUESTION: D) Assume that gross rental revenue was $2,800 (rather than $14,000). What amount of for AGI deductions may Tamar deduct in the current year related to the condo?
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