Question
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 1,180 Advertising
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 1,180 Advertising expense 665 Mortgage interest 3,300 Property taxes 1,270 Repairs & maintenance 950 Utilities 1,170 Depreciation 13,200 During the year, Natalie rented out the condo for 93 days, receiving $29,750 of gross income. She personally used the condo for 45 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.) Problem 14-59 Part a 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)?
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