What amount of for agi deductions may natalie deduct

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Reference no: EM132676134

Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:
Insurance$1,000
Advertising expense 500
Mortgage interest 3,500
Property taxes 900
Repairs and 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 there are 365 days in the year.

Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)

Problem 1 : 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?

Reference no: EM132676134

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