Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection withher condo:InsuranceMortgage interestProperty taxesRepairs & maintenanceUtilitiesDepreciation$ 1,8007,4004,3507302,40018,600During the year, Alexa rented out the condo for 127 days. 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 127 days, Alexa uses the condo for 8 days of personal use. Also assumethat Alexa receives $50,250 of gross rental receipts, her itemized deductions exceed the standard deduction beforeconsidering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than$10,000 by more than the real property taxes allocated to rental use of the home. Answer the following questions:For AGI deductionsProblem 14-62 Part a (Algo)a. What is the total amount of for AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she usesthe IRS method of allocating expenses between rental and personal days.Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

Gross pay is employees' earnings before making any deductions like taxes, benefits and other payroll…

a. What is the total amount of for AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she- the IRS method of allocating expenses between rental and personal days. Note: Do not round intermediate calculations Re

a. What is the total amount of for AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she- the IRS method of allocating expenses between rental and personal days. Note: Do not round intermediate calculations Re

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 55P

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Question

Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with
her condo:
Insurance
Mortgage interest
Property taxes
Repairs & maintenance
Utilities
Depreciation
$ 1,800
7,400
4,350
730
2,400
18,600
During the year, Alexa rented out the condo for 127 days. 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 127 days, Alexa uses the condo for 8 days of personal use. Also assume
that Alexa receives $50,250 of gross rental receipts, her itemized deductions exceed the standard deduction before
considering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than
$10,000 by more than the real property taxes allocated to rental use of the home. Answer the following questions:
For AGI deductions
Problem 14-62 Part a (Algo)
a. What is the total amount of for 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.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

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