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Please have the answer either highlighted or bold, for all 4 parts. Trying to double check my homework. thank you kindly. Natalie owns a condominium
Please have the answer either highlighted or "bold", for all 4 parts. Trying to double check my homework. thank you kindly.
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: $1,080 670 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation 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. (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? For AGI deductions b. What is the total amount of itemized deductions Natalie may deduct in the current year related to the condo? Itemized deductions c. If Natalie's basis in the condo at the beginning of the year was $207,000, what is her basis in the condo at the end of the year? Basis d. Assume that gross rental revenue was $2,800 (rather than $26,500). what amount of for AGI deductions may Natalie deduct in the current year related to the condo? For AGI deductionsStep by Step Solution
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