I have attached the depreciation table we need to use. Careen owns...
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Accounting
I have attached the depreciation table we need to use. Careen owns a condominium near Hershey, PA that she rents out part of the year. This year, she incurs the following expenses in connection with her rental condo Mortgage Interest $9,490 6,570 3,220 Repairs and maintenance 1,610 3,703 11,270 Property Taxes Insurance Utilities During the year, Careen rented the condo for 112 days, receiving $17,600 of gross income. She personally used the condo for 49 days. Assuming Careen uses the court method of allocating expenses to rental use of the property She files single and in addition to expenses listed above, she paid the following amounts home mortgage interest on her personal residence $7,400 property taxes on her personal residence state income taxes 5,000 3,000 4.400 Remember that for itemized deductions (from AGI) the deduction for state taxes is limited to $10,000 Determine how much depreciation she is allowed to deduct. Thern determine her net rental income (loss), her total amount of "for AGI" deductions, and her total amount of itemized deductions (from AGI). Include and fill in the following table within your Excel worksheet: Depreciation Deducted Nct Rental Income (Loss) Total for AGI Deductions Total Itemized (from AGI) Deductions Careen owns a condominium near Hershey, PA that she rents out part of the year. This year, she incurs the following expenses in connection with her rental condo Mortgage Interest $9,490 6,570 3,220 Repairs and maintenance 1,610 3,703 11,270 Property Taxes Insurance Utilities During the year, Careen rented the condo for 112 days, receiving $17,600 of gross income. She personally used the condo for 49 days. Assuming Careen uses the court method of allocating expenses to rental use of the property She files single and in addition to expenses listed above, she paid the following amounts home mortgage interest on her personal residence $7,400 property taxes on her personal residence state income taxes 5,000 3,000 4.400 Remember that for itemized deductions (from AGI) the deduction for state taxes is limited to $10,000 Determine how much depreciation she is allowed to deduct. Thern determine her net rental income (loss), her total amount of "for AGI" deductions, and her total amount of itemized deductions (from AGI). Include and fill in the following table within your Excel worksheet: Depreciation Deducted Nct Rental Income (Loss) Total for AGI Deductions Total Itemized (from AGI) Deductions


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