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28 Sep 2019
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 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
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
Reid WolffLv2
28 Sep 2019