Question
During 2018, Kim incurs the following expenses with respect to her beachfront condominium in Hawaii: During 2018, Kim used the condominium 20 days for vacation.
During 2018, Kim incurs the following expenses with respect to her beachfront condominium in Hawaii:
During 2018, Kim used the condominium 20 days for vacation. She rented it out for a total of 60 days, generating a total gross income of $9,100.
Requirement a. What are the total amounts of deductions for and from AGI that Kim may take during 2018 with respect to the condominium using the IRS allocation method? (For purposes of this problem, use the allocation formula set forth by Sec. 280A. Enter "0 for zero amounts.)
Item
For AGI
From AGI
Insurance
Repairs and maintenance
Interest on mortgage
Property taxes
Utilities
Depreciation
Total deductions
More Info
Expense Item
Amount
Insurance
$500
Repairs and maintenance
700
Interest on mortgage
3,000
Property taxes
1,000
Utilities
800
Depreciation
8,000
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Payroll Accounting 2018
Authors: Bernard J. Bieg, Judith Toland
28th edition
1337291056, 978-1337291057, 1337291137, 9781337291132, 9781337516686 , 978-1337291040
