Problem $14-58($LO $14-5)($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:

$\backslash$table$[[$Insurance$,],[$Advertising expense,$1,100],[$Mortgage interest,$550],[$Property taxes,$3,850],[$Repairs & maintenance,$945],[$Utilities$,700],[$Depreciation$,1,000]]$

During the year, Tamar rented out the condo for $75$ days, receiving $$10,000$ of gross income. She personally used the condo for $35$ days during her vacation. Tamar's itemized deduction for honrental taxes is less than $$10,000$ by more than the property taxes allocated to the rental use of the property.

Problem $14-58$ Parts a$,$ b$,$ c$,$ d & e $($Algo$)$

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 requirement

$\backslash$table$[[$a$.$ For AGI $($rental$)$ deductions$]]$

b$.$ Itemized deductions

c$.$ Basis at the end of the year

d$.$ For AGI deductions

e$.$ For AGI deductions