Question
Rayleen owns a condominium near Orlando, Florida. This year, she incurs the following expenses in connection with her condo Insurance 1250 Mortgage Interest 7,000 Property
Rayleen owns a condominium near Orlando, Florida. This year, she incurs the following expenses in connection with her condo
Insurance 1250
Mortgage Interest 7,000
Property Taxes 2100
Repairs and maintenance 800
Utilites 2300
Depreciation 9,000
During the year, Rayleen rented the condo for 130 days and she received $25,000 of rental receipts. She did not use the condo at all for personal purposes during the year. Rayleen is considered to be an active participant in the property. Rayleen's AGI from all sources other than the rental property is $130,000. Rayleen does not have passive income from any other sources. What is Rayleen's AGI?
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