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 $ 2,000 6,500 2.000 1.400 2,500 14,500 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. Assume that in addition to renting the condo for 100 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $30,000 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo. Answer the following questions Note that the home is considered to be a nonresidence with rental use. Problem 14-62 Part a a. What is the total amount of for AGI deductiogs relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. 30,000 Gross rental income Expenses Insurance Mortage Interest Property taxes Repairs & maintenance Utilities Depreciation Total expenses Balance net rental income Total "for AGI" deductions 2,000 6500 2,000 1,400 X 2,500 14,500 $ $ 28,900 1,100 10,000 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 Infranco Mortgage interest Property taxes Repair & maintenance Utilities Depreciation $ 2,000 6.500 2.000 1,400 2,500 14.500 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 Assume that in addition to renting the condo for 100 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $30,000 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo. Answer the following questions: Note that the home is considered to be a nonresidence with rental use Problem 14-62 Part b b. What is the total amount of from AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) From A deductions
