Natalie owns a condominium near Cocoa Beach in Florida. Thisyear, she incurs the following expenses in connection with hercondo:
Insurance $1,050 Advertising expense 965 Mortgage interest 5,800 Property taxes 1,080 Repairs & maintenance 1,130 Utilities 550 Depreciation 8,700
During the year, Natalie rented out the condo for 94 days,receiving $22,500 of gross income. She personally used the condofor 50 days during her vacation.
Assume Natalie uses the Tax Court method of allocatingexpenses to rental use of the property. (Do not roundintermediate calculations. Round your final answers to the nearestwhole dollar amount.)
1) What is the total amount of for AGI (rental)deductions Natalie may deduct in the current year related to thecondo?
2) What is the total amount of itemized deductions Natalie maydeduct in the current year related to the condo?
3) If Natalieâs basis in the condo at the beginning of the yearwas $210,000, what is her basis in the condo at the end of theyear?
4) Assume that gross rental revenue was $4,500 (rather than$22,500). what amount of for AGI deductions may Nataliededuct in the current year related to the condo?
Natalie owns a condominium near Cocoa Beach in Florida. Thisyear, she incurs the following expenses in connection with hercondo:
| Insurance | $1,050 |
| Advertising expense | 965 |
| Mortgage interest | 5,800 |
| Property taxes | 1,080 |
| Repairs & maintenance | 1,130 |
| Utilities | 550 |
| Depreciation | 8,700 |
During the year, Natalie rented out the condo for 94 days,receiving $22,500 of gross income. She personally used the condofor 50 days during her vacation.
| Assume Natalie uses the Tax Court method of allocatingexpenses to rental use of the property. (Do not roundintermediate calculations. Round your final answers to the nearestwhole dollar amount.) 1) What is the total amount of for AGI (rental)deductions Natalie may deduct in the current year related to thecondo? 2) What is the total amount of itemized deductions Natalie maydeduct in the current year related to the condo?
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Related questions
Natalie owns a condominium near Cocoa Beach in Florida. Thisyear, she incurs the following expenses in connection with hercondo:
| Insurance | $1,050 | |
| Advertising expense | 965 | |
| Mortgage interest | 5,800 | |
| Property taxes | 1,080 | |
| Repairs & maintenance | 1,130 | |
| Utilities | 550 | |
| Depreciation 8700 During the year, Natalie rented out the condo for 94 days,receiving $22,500 of gross income. She personally used the condofor 50 days during her vacation
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