Business, 02.06.2021 21:10 briiiii7410

Natalie owns a condominium near Cocoa Beach in Florida. This year (2015), she incurs the following expenses in connection with her condo: Insurance $1,000
Advertising expense 500
Mortgage interest 3,500
Property taxes 900
Repairs & maintenance 650
Utilities 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 IRS method of allocating expenses to rental use of the property. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
a. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to 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 $150,000, what is her basis in the condo at the end of the year?
d. Assume that gross rental revenue was $2,000 (rather than $10,000). What amount of for AGI deductions may Natalie deduct in the current year related to the condo?

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 03:40

Apharmaceutical packaging company (ppc) has decided to reorganize its processes into cells. the company has four different production operations, each requiring a unique piece of equipment. the names and functions of the four pieces of equipment are sort, count, place, and package. the company packages five different families of products (a, b, c, d, and e). the tables below indicate the demand (total units/day by product family), required operations, and operation cycle times for each product family. assume that any individual piece of equipment is available to operate 16 hours/day, but 2 hours (in total) are lost each day on each piece of equipment due to breaks and meetings when operators are not available to operate the equipment. how many minutes/day are available for production

Answers: 3

Answer

Business, 22.06.2019 08:00

Why is it vital to maintain a designer worksheet? a. it separates the designs chosen for the season from those rejected by the company. b. it keeps a record of all designs created by the designer for a season. c. it charts out the development of an entire line through the season and beyond. d. it tracks the development of a design along with costing and production details. done

Answers: 1

Answer

Business, 22.06.2019 22:10

Which of the following tends to result in a decrease in the selling price of houses in an area? a. an increase in the population of the city or town. b. an increase in the labor costs of construction. c. an increase in the income of new residents in the city or town. d. an increase in mortgage interest rates.

Answers: 1

Answer

Business, 22.06.2019 22:10

Atoy store has a new game in stock, but customers aren't buying it. which of the following types of inventory increases when customers aren't buying this game? a. work-in-process b. raw materials c. finished goods d. in-transit

Answers: 3

Answer

You know the right answer?

Natalie owns a condominium near Cocoa Beach in Florida. This year (2015), she incurs the following e...

Questions