bh.4 Required information[The following information applies to the questions displayed below.)Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses inconnection with her condo:InsuranceAdvertising expenseMortgage interestProperty taxesRepairs & maintenanceUtilitiesDepreciation$ 1,1405703,9909637201,0209,900During the year, Tamar rented out the condo for 75 days, receiving $10,000 of gross income. Shepersonally used the condo for 35 days during her vacation. Tamar's itemized deduction for nonrentaltaxes is less than $10.000 by more than the property taxes allocated to the rental use of the property.Check my workf. Using the original facts, complete Tamar's Form 1040, Schedule E, for this property. Also, partially complete Tamar's Form1040, Schedule A, to include her from AGI deductions related to the condo.Social security number: 987-65-4321Tamar Taxpayer rental property address is Cocoa Beach, Brevard County, Florida 32931.Note: Use 2023 tax rules regardless of year on tax form. Input all values as positive numbers.

Under the IRS method, the expenses should be allocated by multiplying the amount expended with the…

Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance. Utilities Depreciation $ 1,140 570 3,990 963 720 1,020 9,900

Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance. Utilities Depreciation $ 1,140 570 3,990 963 720 1,020 9,900

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 3DQ

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Step 1: IRS method of allocating expenses:

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Step 2: Working Notes:

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Step 3: (f) Complete Tamar's Form 1040, Schedule E for the property:

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Step 4: Partially complete Tamar’s 1040, Schedule A to include her from AGI deductions:

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