Reference no: EM132490304
Question - Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:
Insurance $1,110
Advertising expense 775
Mortgage interest 6,050
Property taxes 840
Repairs & maintenance 1,490
Utilities 760
Depreciation 9,300
During the year, Natalie rented out the condo for 84 days, receiving $32,000 of gross income. She personally used the condo for 40 days during her vacation.
Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year.
Required -
a. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions associated with the condo)?
b. What is the total amount of itemized deductions Natalie may deduct in the current year related to the condo?
c. If Natalie's basis in the condo at the beginning of the year was $166,000, what is her basis in the condo at the end of the year?
d. Assume that gross rental revenue was $4,400 (rather than $32,000). What amount of for AGI deductions may Natalie deduct in the current year related to the condo?
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