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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 1,080 670 4,650 1,320 1,180 1,130 10,500 During the year, Natalie rented out the condo for 96 days, receiving $26,500 of gross income. She personally used the condo for 44 days during her vacation 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 intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions associated with the condo)? Answer is complete but not entirely correct. or $ 24,260 deductions
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