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11 Part 1 of 3 0.37 points eBook Ask Print References Required information Problem 14-62 (LO 14-5) (Algo) [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance $ 2,400 Mortgage interest 8,900 Property taxes 3,600 Repairs & maintenance 1,290 Utilities 3,500 20,500 Depreciation During the year, Alexa rented out the condo for 151 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 151 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $41,000 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo and that her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the following questions: Note that the home is considered to be a nonresidence with rental use. Problem 14-62 Part a (Algo) a. What is the total amount of for 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 answers to the nearest whole dollar amount.) Gross rental income $ 41,000 Expenses: 73ml Inacion
a. What is the total amount of for 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 answers to the nearest whole dollar amount.) Answer is not complete. Gross rental income 41,000 Expenses: Insurance $ 2,279 Mortgage interest 8,460 Property taxes 3,4196 1,225 Repairs & maintenance Utilities 3,393 X Depreciation Total expenses 38,245 Balance-net rental income. Total "for AGI" deductions 000000 19,4690 $ 2,839 X
Problem 14-62 Part b (Algo) b. 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.) Answer is complete but not entirely correct. From AGI deductions $ 38,168