Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: $1,050 965 5,800 1,080 1,130 550 8,700 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation During the year, Tamar rented out the condo for 94 days, receiving $22,500 of gross income. She personally used the condo for 50 days during her vacation. Tamar'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. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions associated with the condo)?
Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: $1,050 965 5,800 1,080 1,130 550 8,700 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation During the year, Tamar rented out the condo for 94 days, receiving $22,500 of gross income. She personally used the condo for 50 days during her vacation. Tamar'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. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions associated with the condo)?
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 55P
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Transcribed Image Text:Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo:
$ 1,050
965
5,800
1,080
1,130
550
8,700
Insurance
Advertising expense
Mortgage interest
Property taxes
Repairs & maintenance
Utilities
Depreciation
During the year, Tamar rented out the condo for 94 days, receiving $22,500 of gross income. She personally used the condo for 50
days during her vacation. Tamar'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.
Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year.
Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.
Required:
a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she
itemizes deductions before considering deductions associated with the condo)?
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT