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What effect do the expenses associated with the property

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Reference no: EM133360031

Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo:

Insurance $2,000
Mortgage interest 6,500
Property taxes 2,000
Repairs & maintenance 1,400
Utilities 2,500
Depreciation 14,500
Insurance $2,000
Mortgage interest 6,500
Property taxes 2,000
Repairs & maintenance 1,400
Utilities 2,500
Depreciation 14,500

During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personal purposes during the year. 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 Alexa receives $30,000 in gross rental receipts.

  1. What effect do the expenses associated with the property have on her AGI?

Reference no: EM133360031

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