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What is the total amount of for AGI deductions

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Reference no: EM132813601

Question - 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 & 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. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property.

Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 366 days in the current year.

Required - What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions associated with the condo)?

Reference no: EM132813601

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