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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
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. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
11 Required Information [The following information applies to the questions displayed below. Part 1 of 3 Alexa owns a condominlum near Cocoa Beach In Florida. This year, she Incurs the following expenses In connection with her condo: 0.19 polnts 3,800 11,200 3,800 Insurance Skipped Mortgage interest Property taxes Repairs & maintenance utilities 95e 3,700 19,100 Depreciation eBook During the year, Alexa rented out the condo for 170 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. Print References Assume that In addition to renting the condo for 170 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $43,000 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo. Answer the following questions: Note that the home is considered to be a nonresidence with rental use. 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. (Do not round intermed late calculations. Round your fineal answers to the nearest whole dollar amount.) Gross rental income Expenses: Total expenses 0 Balance-net rental income Total for AGI deductionsStep by Step Solution
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