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Tax deductions Required information [The following information applies to the questions displayed below] Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she
Tax deductions
Required information [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: During the year, Tamar rented out the condo for 75 days, recelving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 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 Tamat 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. II 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 yoar" d. Assume that gross ienal revenue was $2,000 (rather than $10,000) What amount of for AG dexductions may famar deduct in the curtent yeat relaied to the condo lassuming she itemizes deductions before considering dectuctions absocialed with the condo)? e. Assuming that gross rental tevenue wos $2,000 (rather than $10,900 ) and that famars itemized deduction for times is $10,000 before consudering property toves allocoted to rental use of the property, what amount offor AGi deducuons may lamar seduct in the currem year related to the condo? Note: For all requirements, do not round opportionment retio. Round all other dollar values to the nesarast whole dollor amtount Step by Step Solution
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