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Question: 1. Natalie owns a condominium near Cocoa Beach in...

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1.

Natalie owns a condominium near Cocoa Beach in Florida. Thisyear, she incurs the following expenses in connection with hercondo:

Insurance $1,000

Advertisingexpense 500

Mortgageinterest 3,600

Propertytaxes 1,500

Repairs &maintenance 650

Utilities 950

Depreciation 8,500

During the year, Natalie rented out the condo for 75 days,receiving $10,000 of gross income. She personally used the condofor 35 days during her vacation. Assume Natalie uses the TaxCourt method of allocating expenses to rental use of theproperty. What is the total amount of for AGI (rental)deductions Natalie may deduct in the current year related to thecondo? (Note: 2016 is a leap year) ( Must use tax court method!!!!Also, the answer is not 10,000)

2. Same facts as the prior problem, what is the total amount ofitemized deductions for mortgage interest and real estate taxesrelated to the condo? ( The answer is not 1622)

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Casey Durgan
Casey DurganLv2
28 Sep 2019

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Related questions

Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:

Insurance $1,000

Advertising expense 500

Mortgage interest 3,400

Property taxes 1,500

Repairs & maintenance 650

Utilities 950

Depreciation 8,500

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. Assume Natalie uses the IRS method of allocating expenses to rental use of the property. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo?

Natalie owns a condominium near Cocoa Beach in Florida. This year,she incurs the following expenses in connection with hercondo:

Insurance $1,410
Advertising expense $590
Mortgage interest $6,100
Property taxes $1,490
Repairs & maintenance $630
Utilities $520
Depreciation $10,000



During the year, Natalie rented out the condo for 95 days,receiving $18,000 of gross income. She personally used the condofor 42 days during her vacation.

Assume Natalie uses the Tax Court method of allocating expenses torental use of the property.

A. What is the total amount of for AGI (rental) deductions Nataliemay deduct in the current year related to the condo?
For AGI deductions $

B. What is the total amount of itemized deductions Natalie maydeduct in the current year related to the condo?
Itemized deductions $

C. If Natalie

Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:

Insurance $1,000

Advertising expense 500

Mortgage interest 3,400

Property taxes 1,500

Repairs & maintenance 650

Utilities 950

Depreciation 8,500

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. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo?

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