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Tamar owns a condominium near Cocoa Beach in Florida. In 2 0 2 3 , she incurs the following expenses in connection with her condo:
Tamar owns a condominium near Cocoa Beach in Florida. In she incurs the following expenses in connection with
her condo:
During the year, Tamar rented out the condo for days, receiving $ of gross income. She personally used the
condo for days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $ by more than
the property taxes allocated to the rental use of the property.
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 $ what is her basis in the condo at the end of the year?
d Assume that gross rental revenue was $rather than $ 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 $rather than $ and that Tamar's itemized deduction for taxes is $
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 requirements, do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.
Answer is complete but not entirely correct.
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