During the year alexa rented out the condo for 134 days she

Assignment Help Accounting Basics

Reference no: EM13603453

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

Insurance $3,350
Mortgage interest 6,650
Property taxes 2,800
Repairs & maintenance 860
Utilities 2,600
Depreciation 23,800

During the year, Alexa rented out the condo for 134 days. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income.

Assume that in addition to renting the condo for 134 days, Alexa uses the condo for eight days of personal use. Also assume that Alexa receives $49,750 of gross rental receipts. Answer the following questions:

a.What is the total amount of from AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Omit the "tiny_mce_markerquot; sign in your response.)

Reference no: EM13603453

Questions Cloud

Buckhorn corporation bases its predetermined overhead rate : buckhorn corporation bases its predetermined overhead rate on the estimated machine hours for the upcoming year. data

Stephen colbert works as a television talk show host in : stephen colbert works as a television talk show host. in 2010 stephen generated substantial income from his role as

Sketch the schematic diagram of the circuit with the two : two resistors are given r1 470 ohms and r2 1200 ohms a the two resistors are connected in series with a 48 v source.

During 2012 nilsen company started a construction job with : during 2012 nilsen company started a construction job with a contract price of 1662000. the job was completed in 2014.

During the year alexa rented out the condo for 134 days she : alexa owns a condominium near cocoa beach in florida. this year she incurs the following expenses in connection with

Heat is now transferred untill the prseeure reaches 800kpa : a 0.5m3 rigid tank contains refirgerant r-134a initially at 200 kpa and 40 quality. heat is now transferred untill the

Write a program that calculates and displays the distance : distance per tank of gas a car with a 20-gallon gas tank averages 21.5 miles per gallon when driven in own and 26.8

If the density of the aniline is 1002 kgm cube and the : a centrifuge bowl with 250mm internal diameter is turning at 4000 rmin. it contains a layer of aniline 50mm thick. if

Fraize corporation makes a product that uses a material : fraize corporation makes a product that uses a material with the quantity standard of 9.5 kilos per unit of output and

User Account

All Pages