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Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage
Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 1,060 640 4,500 1,290 1,200 570 12,300 During the year, Natalie rented out the condo for 89 days, receiving $14,000 of gross income. She personally used the condo for 38 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.) Problem 14-59 Part b (Algo) b. What is the total amount of itemized deductions Natalie may deduct in the current year related to the condo? Itemized deductions
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