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What is ashton agi

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Problem: Ashton owns a condominium near San Diego, California. This year, he incurs the following expenses in connection with his condo:

Insurance                                      $1,300

Mortgage interest                             8,000

Property taxes                                 2,000

Repairs and maintenance                    900

Utilities                                            2,200

Depreciation                                  10,000

Required:

Question: During the year, Ashton rented the condo for 120 days and he received $24,000 of rental receipts. He did not use the condominium at all for personal purposes during the year. Ashton is considered to be an active participant in the property. Ashton's AGI from all sources other than the rental property is $120,000. Ashton does not have passive income from any other sources. What is Ashton's AGI? Please provide the authentic solutions along with all the calculation.

Reference no: EM132419710

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