Question
Don owns a condominium near Orlando, California. This year, he incurs the following expenses in connection with his condo: Insurance$1,300 Mortgage interest10,000 Property taxes3,000 Repairs
Don owns a condominium near Orlando, California. This year, he incurs the following expenses in connection with his condo:
Insurance$1,300
Mortgage interest10,000
Property taxes3,000
Repairs and maintenance900
Utilities2,200
Depreciation12,000
During the year, Don rented the condo for 70 days and he received $17,400 of rental receipts. He did not use the condo at all for personal purposes during the year. Don is considered to be an active participant in the property. Don's AGI in the current year from all sources other than the rental property is $140,000. Don does not have passive income from any other sources.Enter all numbers as positive numbers, for example enter $1,000 for a loss of $1,000.
Rental loss for the current year?
Amount of rental loss deductible in the current year?
Amount of rental loss to be carried forward?
Don's AGI inn the current year including the rental property?
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