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

Other questions on the subject: Business

Business, 22.06.2019 20:30, maguilarz2005

Contrast two economies that transitioned to capitalism and explain what factors affected the ease kf their transition as welas the “face” of capitalism that each has adopted

Answers: 2

continue

Business, 22.06.2019 23:50, yatayjenings12

Analyzing operational changes operating results for department b of delta company during 2016 are as follows: sales $540,000 cost of goods sold 378,000 gross profit 162,000 direct expenses 120,000 common expenses 66,000 total expenses 186,000 net loss $(24,000) suppose that department b could increase physical volume of product sold by 10% if it spent an additional $18,000 on advertising while leaving selling prices unchanged. what effect would this have on the department's net income or net loss? (ignore income tax in your calculations.) use a negative sign to indicate a net loss answer; otherwise do not use negative signs with your answers. sales $answer cost of goods sold answer gross profit answer direct expenses answer common expenses answer total expenses answer net income (loss) $answer

Answers: 1

continue

Business, 23.06.2019 06:30, janeou17xn

Afinance company wants to upgrade its accounting software to a higher version. this version change requires a change in data formats. which method represents a change in data formats?

Answers: 1

continue

Business, 23.06.2019 17:20, alexusray

Spartan systems reported total sales of $500,000, at a price of $20 and per unit variable expenses of $13, for the sales of their single product. total per unit sales $500,000 $20 variable expenses 325,000 13 contribution margin 175,000 $7 fixed expenses 120,000 net operating income $55,000 what is the amount of contribution margin if sales volume increases by 30%?

Answers: 1

continue

Do you know the correct answer?

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