Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following...
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Accounting
Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo:
Insurance
$ 2,900
Mortgage interest
7,850
Property taxes
2,720
Repairs & maintenance
1,850
Utilities
4,300
Depreciation
16,750
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 $23,600 in gross rental receipts, answer the following questions:
Note: Leave no answer blank. Enter zero if applicable.
Required:
What effect does the rental activity have on her AGI for the year?
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
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 decisions with respect to the property.
Assume that Alexa's AGI from other sources is $200,000. This consists of $136,500 salary, $13,600 of dividends, $30,400 of long-term capital gain, and net rental income from another rental property in the amount of $19,500. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI?
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