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The first box has three options which are (1) increases by, (2) decreases by ,and (3) no effect. The second box is for Alexa's AGI
The first box has three options which are (1) increases by, (2) decreases by ,and (3) no effect. The second box is for Alexa's AGI based on the information above.
Required information Problem 14-61 (LO 14-5) (Algo) [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 $200,000. 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 d (Algo) d. Assume that Alexa's AGI from other sources is $200,000. This consists of $137,250 salary, $13,400 of dividends, $30,100 of long- term capital gain, and net rental income from another rental property in the amount of $19,250. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI? AGIStep by Step Solution
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