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please be clear with answe Tamar owns a condominium near Cocoa Beach in Florida, In 2022, she incurs the following expenses in connection with her
please be clear with answe
Tamar owns a condominium near Cocoa Beach in Florida, In 2022, she incurs the following expenses in connection with her condo: Ouring the year, Tamar rented out the condo for 78 days, recelving $34.000 of gross income. She personally used the condo for 44 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes alocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year Note: Do not round opportionment rotio, Round all other dollar values to the nearest whole dollor omount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo fassuming she itemuzcs deductions before considering deductions associated with 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 of the beginning of the year was $232.000, what is her basis in the condo at the end of the year? d. Assume that gross rental revenue was $3,800 (rather than $34,000 ) What amount of for AGl deductions may Tamar deduct in the curtent yeac telated to the condo Step by Step Solution
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