This is the clear one.
ed information Problem 6-38 (LO 6-2) (Static) The following information applies to the questions played below) Natalie owns a condominium near Cocoa Beach in Florida. This year, the incurs the following expenses in connection with her condo Marte interest Hepaintenance 11.000 200 1.500 900 650 050 3.500 During the year. Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation Natalie'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 Problem 6-38 Parts a, b, c, d & e (Static) Assume Natalie uses the IRS method of allocating expenses to rental use of the property a. What is the total amount of for AG frental) deductions Natalie may deduct in the current year related to the condo? b. What is the total amount of itemized deductions Natalie may deduct in the current year related to the condo? c. If Natalie'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 year? d. Assume that gross rental revenue was $2,000 (rather than $10,000) What amount of for AGi deductions may Natalie deduct in the current year related to the condo assuming she Hemizes deductions before considering deductions associated with the condo)? e. Assuming that gross rental revenue was $2.000 (rather than $10,000) and that Natalie's itemized deduction for taxes is 510.000 before considering property taxes allocated to rental use of the property, what amount of for AGI deductions may Natalie deduct in the current year related to the condo? (For all requirements, do not round apportionment ratio. Round all other values to the nearest whole dollar amount) $ For AGI deductions med deductions Basis at the end of the year For AGI Beductions e For AGI deductions 8970 3.498 144.205 1,402 1,400 $ $ Required information Problem 6-38 (LO 6-2) (Static) The following information applies to the questions displayed below) Natalie owns a condominium near Cocoa Beach in Florida This year, she incurs the following expenses in connection with het condo Advent experte $1.000 500 3.500 900 650 250 8.500 Antenance 7 During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income She personally used the condo for 35 days during her vacation Natalie'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 Problem 6-38 Parts a, b, c, d &e (Static) Assume Natalie uses the IRS method of allocating expenses to rental use of the property a. What is the total amount of for AGI(rental) deductions Natalie may deduct in the current year related to the condo? b. What is the total amount of itemized deductions Natalie may deduct in the current year related to the condo? c. If Natalie'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 year? d. Assume that gross rental revenue was $2,000 (rather than $10,000). What amount of for AGI deductions may Natalie deduct in the current year related to the condo lassuming she itemizes deductions before considering deductions associated with the condo)? e. Assuming that gross rental revenue was $2.000 (rather than $10,000) and that Natalie's itemized deduction for taxes is $10,000 before considering property taxes allocated to rental use of the property, what amount of for AGI deductions may Natalie deduct in the current year related to the condo? For all requirements, do not round opportionment ratio. Round all other values to the nearest whole dollar amount)
