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Problem 14-60 (LO 14-5) (Static) [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. In 2022,
Problem 14-60 (LO 14-5) (Static) [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo: During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume Alexa receives $30,000 in gross rental receipts. Problem 14-60 Part a (Static) a. What effect do the expenses associated with the property have on her AGl? b. What effect do the expenses associated with the property have on her itemized deductions
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