QUESTION 9 Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $1,000 500 Advertising expense Mortgage interest 3,400 Property taxes 1,500 Repairs & maintenance 650 Usilities 950 Depreciation 8,500 During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo?
QUESTION 9 Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $1,000 500 Advertising expense Mortgage interest 3,400 Property taxes 1,500 Repairs & maintenance 650 Usilities 950 Depreciation 8,500 During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo?
Chapter4: Additional Income And The Qualified Business Income Deduction
Section: Chapter Questions
Problem 9P
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Transcribed Image Text:QUESTION 9
Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:
$1,000
500
3,400
1,500
650
950
8,500
Insurance
Advertising expense
Mortgage interest
Property taxes
Repairs & maintenance
Utilities
Depreciation
During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Assume
Natalie uses the Tax Court method of allocating expenses to rental use of the property. What is the total amount of for AGI (rental) deductions Natalie may deduct in the
current year related to the condo?
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