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Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 610 785 5,450 1,240 600 780 12,700 During the year, Natalie rented out the condo for 82 days, receiving $32,750 of gross income. She personally used the condo for 45 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 366 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.) d. Assume that gross rental revenue was $3,050 (rather than $32,750). What amount of for AGI deductions may Natalie deduct in the current year related to the condo
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