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it isnt 42,007! Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: During
it isnt 42,007!
Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: During the year, Alexa rented out the condo for 103 days. 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 that in addition to renting the condo for 103 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $45,000 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the following questions: Problem 14-62 Part a (Algo) . What is the total amount of for AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she usos he IRS method of allocating expenses between rental ane personal days. Note: Do not round intermediste calculations. Round your final answers to the nearest whole dollar amount Step by Step Solution
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