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What are the total amounts of deductions for and from agi

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Question - During 2020?, Kim incurs the following expenses with respect to her beachfront condominium in? Hawaii:

Expense Item

Amount

Insurance

$500

Repairs and maintenance

700

Interest on mortgage

3,000

Property taxes

1,000

Utilities

800

Depreciation

8,000

During 2020?, Kim used the condominium 20 days for vacation. She rented it out for a total of 60 ?days, generating a total gross income of $9,100.

Required -

a. What are the total amounts of deductions for and from AGI that Kim may take during 2020 with respect to the condominium using the IRS allocation? method?

b. What is the effect on the basis of the? condominium?

Reference no: EM133150441

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