What deductions may katrina take from agi

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Reference no: EM131965101

Question: During the current year, Katrina incurs the following expenses with respect to her beachfront condominium in Hawaii: Insurance $440

Repairs and maintenance 660

Interest on mortgage 4,000

Property taxes 1,800

Utilities 1,600

In addition to the expenses listed above, Katrina could have deducted a total of $8,600 depreciation if the property had been acquired only for investment purposes. During the year, Katrina uses the condominium 80 days for vacation. She also rents it out for a total of 240 days during the year, generating a total gross income of $8,000.

1. What is Katrina's net income from her vacation home calculated on Schedule E?

2. What deductions may Katrina take from AGI on Schedule A?

Reference no: EM131965101

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