(The following information applies to the questions displayed below] Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows: Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation 3,100 12,080 1,500 1,500 3,989 13.000 Book Print erences Problem 6-37 Part a a. What effect does the rental have on Dillon's AGI? Effect of rental activity on Dillon's AGI Included in AGI Not included in AGI The following information applies to the questions displayed below) Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows: t 2 of 2 $ Real property taxes Mortgage interest Repairs Insurance Utilities Depreciation 3,100 12,000 1,500 1,500 3,900 13,000 eBook - Print ferences Problem 6-37 Part b b. What effect does the rental have on Dillon's itemized deductions? Real property taxes Mortgage interest Deductible Non-Deductible Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: $ art 2 of 2 Insurance Mortgage interest Property taxes Repairs and maintenance Utilities Depreciation 2,000 6.500 2,000 1,400 2.569 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 there are 365 days in the year. Book Assume Alexa receives $30,000 in gross rental receipts. Print ferences Problem 6-40 Part b b. What effect do the expenses associated with the property have on her itemized deductions? Amount of itemized deductions increases decreases 5 Insurance Mortgage interest Property taxes Repairs and maintenance Utilities Depreciation 2,000 6,500 2.000 1.400 2.500 14.500 71 of 4 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 there are 365 days in the year Assume Alexa receives $20,000 in gross rental receipts eBook Problem 6-41 Part a Print ferences a. Alexa's AGI from all sources other than the rental property is $200,000. What effect does the rental activity have on her AGI for the year? Effect of rental activity on Alexa's AGI increase by decrease by no effect $ Insurance Mortgage interest Property taxes Repairs and maintenance Utilities Depreciation 2.000 6,500 2,000 1,400 2.500 14,589 rt 2 of 4 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 there are 365 days in the year Assume Alexa receives $20,000 in gross rental receipts nts eBook Problem 6-41 Part b Print ferences b. Assuming that Alexa's AG from other sources is $90,000, what effect does the rental activity have on Alexa's AGP Alexa makes all decisions with respect to the property Effect of rental activity on Alexa's AGI Increase by decrease by no effect $ Insurance Mortgage interest Property taxes Repairs and maintenance Utilities Depreciation 2,000 6,500 2,000 1,400 2. See Part 3 of 4 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 there are 365 days in the year Assume Alexa receives $20,000 in gross rental receipts points eBook Problem 6-41 Part Print References c. Assuming that Alexo's AG 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 Effect of rental activity on Alexa's AGI Increase by decrease by no effect $ Insurance Mortgage interest Property taxes Repairs and maintenance Utilities Depreciation 2,609 6,500 2.000 1.489 2,500 14,500 rt 4 of 4 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 there are 365 days in the year Assume Alexa receives $20,000 in gross rental receipts. eBook Problem 6-41 Part d Print ferences d. Assume that Alexa's AGI from other sources is $200,000. This consists of $150,000 salary. $10,000 of dividends, $25,000 of long- term capital gain, and net rental income from another rental property in the amount of $15,000. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI? Effect of rental activity on Alexa's AGI increase by decrease by no effect