b. What is the total amount of from AGI deductions relating to the condo...
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b. What is the total amount of from AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days.
c. Would Alexa be better or worse off after taxes in the current year if she uses the Tax Court method of allocating expenses?
Required informatio [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation 3,600 10,650 2,650 630 3,200 17,300 During the year, Alexa rented out the condo for 130 days. 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 eight days of personal use. Also assume that Alexa receives $38,750 of gross rental receipts. Answer the following questions: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
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