Question
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.
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 Alexa receives $30,000 in gross rental receipts.
Required:
What effect do the expenses associated with the property have on her AGI?
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Construction Contractors AICPA Audit And Accounting Guide
Authors: American Institute Of CPAs
1st Edition
0870519751, 978-0870519758
