oh Required information Problem 6-39 (LO 6-5) (Algo) [The following information applies to the questions displayed below.] Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Tamar'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. Problem 6-39 Parts a, b, c, d & e (Algo) $ 1,280 640 4,480 1,026 790 1,090 11,300 Assume Tamar uses the IRS method of allocating expenses to rental use of the property. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo? b. What is the total amount of itemized deductions Tamar may deduct in the current year related to the condo? c. If Tamar's basis in the condo at the beginning of the year was $150,000, what is her basis in the condo at the end of the year? d. Assume that gross rental revenue was $2,000 (rather than $10,000). What amount of for AGI deductions may Tamar deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions associated with the condo)? e. Assuming that gross rental revenue was $2,000 (rather than $10,000) and that Tamar's itemized deduction for taxes is $10,000 before considering property taxes allocated to rental use of the property, what amount of for AGI deductions may Tamar deduct in the current year related to the condo? Note: For all requirements, do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. a. For AGI (rental) deductions b. Itemized deductions c. Basis at the end of the year d. For AGI deductions e. For AGI deductions $ $ $ $ $ 1,309 10,000 10,000 2,000 2,000 Prev www 1 of 14 Next >
Required information Problem 6-39 (LO 6-5) (Algo) [The following information applies to the questions displayed below] Tamar owns a condominium near Cocos Beach in Florida, In 2023, she incurs the following expenses in connection with her conde: During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income She personally used the condo for 35 days during her vacation. Tamar'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 Problem 6-39 Parts a, b, c, d \& e (Algo) Assume Tamar uses the IRS method of allocating expenses to rental use of the property. Required: 0. What is the total amount of for AGI (rentai) deductions Tamar may deduct in the current year related to the condo? b. What is the total amount of itemized deductions Tamar may deduct in the current year related to the condo? c. If Tamar's basis in the condo at the beginning of the year was $150,000, what is her basis in the condo at the end of the year? d. Assume that gross rental revenue was $2,000 (rather than $10,000 ). What amount of for AGI deductions may Tamar deduct in the current year related to the condo (assuming she iternizes deductions before considering deductions associated with the condo)? e. Assuming that gross rental revenue was $2,000 (rather than $10,000 ) and that Tamar's itemized deduction for taxes is $10,000 before considering property taxes allocated to rental use of the property, what amount of for AGI deductions may Tamar deduct in the current year related to the condo? Note: For all requirements, do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required information Problem 6-39 (LO 6-5) (Algo) [The following information applies to the questions displayed below] Tamar owns a condominium near Cocos Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income She personally used the condo for 35 days during her vacation. Tarnar'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. Problem 6-39 Parts a, b, c, d \& e (Algo) Assume Tamot uses the IRS method of allocating expenses to rental use of the property Required: a. What is the total amount of for AGI (renta) deductions Tamar moy deduct in the currem year related to the condo? b. What is the total amount of itemized deductions Tamar moy deduct in the current year related to the condo? c. If Tamar's basis in the condo ot the beginning of the year was $150,000, whot is her basis in the condo at the end of the year? d. Assume that gross rental revenue was $2,000 (rather than $10,000 ). What omosint of for AGl deductions may Tomar deduct in the current year reloted to the condo (assuming she iremizes deductions before considering deductions associated with the condo)? e. Assuming that gross rental revenue was $2,000 (rather then $10,000 ) and that Tomar's itemized deduction for taxes is $10,000 before considering property toxes allocated to rental use of the property, whot amount of for AGt deductions may Tamar decuct in the current year related to the condo? Note: For all requirements, do not round apportionment rotio. Round all other doflar values to the neareut whole dollor amount. Required information Problem 6-39 (LO 6-5) (Algo) [The following information applies to the questions displayed below] Tamar owns a condominium near Cocos Beach in Florida, In 2023, she incurs the following expenses in connection with her conde: During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income She personally used the condo for 35 days during her vacation. Tamar'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 Problem 6-39 Parts a, b, c, d \& e (Algo) Assume Tamar uses the IRS method of allocating expenses to rental use of the property. Required: 0. What is the total amount of for AGI (rentai) deductions Tamar may deduct in the current year related to the condo? b. What is the total amount of itemized deductions Tamar may deduct in the current year related to the condo? c. If Tamar's basis in the condo at the beginning of the year was $150,000, what is her basis in the condo at the end of the year? d. Assume that gross rental revenue was $2,000 (rather than $10,000 ). What amount of for AGI deductions may Tamar deduct in the current year related to the condo (assuming she iternizes deductions before considering deductions associated with the condo)? e. Assuming that gross rental revenue was $2,000 (rather than $10,000 ) and that Tamar's itemized deduction for taxes is $10,000 before considering property taxes allocated to rental use of the property, what amount of for AGI deductions may Tamar deduct in the current year related to the condo? Note: For all requirements, do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required information Problem 6-39 (LO 6-5) (Algo) [The following information applies to the questions displayed below] Tamar owns a condominium near Cocos Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income She personally used the condo for 35 days during her vacation. Tarnar'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. Problem 6-39 Parts a, b, c, d \& e (Algo) Assume Tamot uses the IRS method of allocating expenses to rental use of the property Required: a. What is the total amount of for AGI (renta) deductions Tamar moy deduct in the currem year related to the condo? b. What is the total amount of itemized deductions Tamar moy deduct in the current year related to the condo? c. If Tamar's basis in the condo ot the beginning of the year was $150,000, whot is her basis in the condo at the end of the year? d. Assume that gross rental revenue was $2,000 (rather than $10,000 ). What omosint of for AGl deductions may Tomar deduct in the current year reloted to the condo (assuming she iremizes deductions before considering deductions associated with the condo)? e. Assuming that gross rental revenue was $2,000 (rather then $10,000 ) and that Tomar's itemized deduction for taxes is $10,000 before considering property toxes allocated to rental use of the property, whot amount of for AGt deductions may Tamar decuct in the current year related to the condo? Note: For all requirements, do not round apportionment rotio. Round all other doflar values to the neareut whole dollor amount
