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- John owns a second home in Palm Springs, CA. During the year, he rented the house for $5,000 for 56 days and used the house for 14 days during the summer. The house remained vacant during the remainder of the year. The expenses for the home included $5,000 in mortgage interest, $850 in property taxes, $900 for utilities and maintenance, and $3,500 of depreciation. What is John's deductible rental loss, before considering the passive loss limitations? $200 $875 $2,500 $3,200 $0Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses inconnection with her condo:Insurance $ 2,000Mortgage interest 6,500Property taxes 2,000Repairs & maintenance 1,400Utilities 2,500Depreciation 14,500 During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personalpurposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unlessotherwise specified, Alexa has no sources of passive income.Assume Alexa receives $30,000 in gross rental receipts. a. What effect do the expenses associated with the property have on her AGI?b. What effect do the expenses associated with the property have on her itemized deductions?Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 3,200 8,300 2,960 2,000 4,900 17,500 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. Assuming Alexa receives $24,800 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) d. Assume that Alexa's AGI from other sources is $200,000. This consists of $132,000 salary, $14,800 of dividends, $32,200 of long- term capital gain, and net rental income from another rental property in the amount of $21,000. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI? AGI
- Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 3,200 8,300 2,960 2,000 4,900 17,500 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. Assuming Alexa receives $24,800 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) 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 decreases byAlexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 3,200 8,300 2,960 2,000 4,900 17,500 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. Assuming Alexa receives $24,800 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) 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. AGIAlexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 3,200 8,300 2,960 2,000 4,900 17,500 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. Assuming Alexa receives $24,800 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) a. What effect does the rental activity have on her AGI for the year? AGI
- In the current year, Sandra rented her vacation home for 75 days, used it for personal use for 22 days, and left it vacant for the remainder of the year. Her income and expenses before allocation are as follows: Rental income Real estate taxes Utilities Mortgage interest Depreciation 14,700 2,300 2,175 4,300 7,100 1,140 Repairs and maintenance Required: What is Sandra's net income or loss from the rental of her vacation home? Use the Tax Court method. Note: Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value. Rental income Real estate taxes Utilities Mortgage interest Repairs and maintenance Depreciation Net rental income Schedule E Schedule AIn the current year, Sandra rented her vacation home for 75 days, used it for personal use for 22 days, and left it vacant for the remainder of the year. Her income and expenses before allocation are as follows: Rental income 11,400 Real estate taxes 1,200 Utilities 1,350 Mortgage interest 3,200 Depreciation 6,000 Repairs and maintenance 810 equired: What is Sandra’s net income or loss from the rental of her vacation home? Use the Tax Court method. Note: Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value.Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Mortgage interest Property taxes $7,925 2,760 Insurance 2,950 TULE Repairs & maintenance 1,875 Utilities 4,400 16,875 Depreciation Ce During the year, Alexa rented out the condo for 100 days and received $23,800 in gross rental receipts. 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 $120,000. Alexa has no sources of passive income. (Leave no answer blank. Enter zero if applicable.) What effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. AGI 1.01 increases by decreases by no effect
- Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 2,000 6,500 2,000 Insurance Mortgage interest Property taxes Repairs & maintenance Utilities 1,400 2,500 14,500 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. Assume Alexa receives $30,000 in gross rental receipts. b. What effect do the expenses associated with the property have on her itemized deductions? Amount of itemized deductionsAlexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 2,000 6,500 2,000 Insurance Mortgage interest Property taxes Repairs & maintenance Utilities 1,400 2,500 14,500 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. Assume Alexa receives $30,000 in gross rental receipts. a. What effect do the expenses associated with the property have on her AGI? Gross rental income Expenses: Less: total expenses Balance-net rental incomeAlexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 4,400 7,250 4,100 Insurance Mortgage interest Property taxes Repairs & maintenance Utilities 700 4,700 16,800 Depreciation During the year, Alexa rented out the condo for 130 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. Assume that in addition to renting the condo for 130 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $50,250 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo and that her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the following questions: Note…