Question
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance$1,110Advertising expense775Mortgage interest6,050Property taxes840Repairs
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:
Insurance$1,110Advertising expense775Mortgage interest6,050Property taxes840Repairs & maintenance1,490Utilities760Depreciation9,300
During the year, Natalie rented out the condo for 84 days, receiving $32,000 of gross income. She personally used the condo for 40 days during her vacation.
Assume Natalie uses theTax Courtmethod of allocating expenses to rental use of the property. Assume 365 days in the current year.(Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
a.What is the total amount offorAGI (rental) deductions Natalie may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions associated with the condo)?
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