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Lynn owns a condominium near Cocoa Beach in Florida. In 2022, Lynn rented out the condo for 100 days, and received $9,540 in gross
Lynn owns a condominium near Cocoa Beach in Florida. In 2022, Lynn rented out the condo for 100 days, and received $9,540 in gross rental receipts. She incurs a total expense of $20,700 in connection with her condo. She did not use the condo at all for personal purposes during the year. Lynn has no sources of passive income. Lynn's AGI from all sources other than the rental property is $133,800. What effect does the rental activity have on Lynn's AGI? Alexa makes all decisions with respect to the property Note: Leave no answer blank. Enter zero if applicable. Complete this question by entering your answers in the tabs below. Required The effect on her AGI is AGI
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AGI Decreases Lynns AGI by 11160 Rental activity can impact AGI Adjusted Gross In...Get Instant Access to Expert-Tailored Solutions
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