Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation oblem 14-61 Part a (Algo) $ 2,700 7,550 2,560 1,750 During the year, Alexa rented out the condo for 100 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. Assuming Alexa receives $22,800 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) AGI 3,900 16,250 What effect does the rental activity have on her AGI for the year?
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation oblem 14-61 Part a (Algo) $ 2,700 7,550 2,560 1,750 During the year, Alexa rented out the condo for 100 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. Assuming Alexa receives $22,800 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) AGI 3,900 16,250 What effect does the rental activity have on her AGI for the year?
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 55P
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Transcribed Image Text:b. Assuming that Alexa's AGI from other sources is $90,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all
decisions with respect to the property.
AGI
Show Transcribed Text
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with
her condo:
Insurance.
Mortgage interest.
Property taxes
Repairs & maintenance.
Utilities
Depreciation
'roblem 14-61 Part c (Algo)
Ĵ
$ 2,700
7,550
2,560
1,750
3.900
16,250
During the year, Alexa rented out the condo for 100 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.
Assuming Alexa receives $22,800 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter
zero if applicable.)
AGI
. Assuming that Alexa's AGI from other sources is $120,000, what effect does the rental activity have on Alexa's AGI? Alexa makes all
ecisions with respect to the property.
Transcribed Image Text:Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with
her condo:
Insurance
Mortgage interest.
Property taxes
Repairs & maintenance
Utilities
Depreciation
During the year, Alexa rented out the condo for 100 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.
$ 2,700
7,550
2,560
1,750
3,900
16, 250
Assuming Alexa receives $22,800 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter
zero if applicable.)
roblem 14-61 Part a (Algo)
AGI
What effect does the rental activity have on her AGI for the year?
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