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The first box has three options which are (1) increased by, (2) decreased by, and (3) no effect. The second box is Alexa's AGI based
The first box has three options which are (1) increased by, (2) decreased by, and (3) no effect. The second box is Alexa's AGI based on the information above.
(The following information applies to the questions displayed below.) Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,850 7,775 2,680 1,825 4,200 16,625 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 00. Unless otherwise specified, Alexa has no sources of passive income. Assuming Alexa receives $23,400 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) Problem 14-61 Part c (Algo) C. Assuming that Alexa's AGI from other sources is $120,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. AGIStep by Step Solution
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