Reference no: EM133014312
Question - Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:
Insurance $2,700
Mortgage interest $11,450
Property taxes $3,900
Repairs & maintenance $1,380
Utilities $3,900
Depreciation $22,400
During the year, Alexa rented out the condo for 171 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 that in addition to renting the condo for 171 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $53,000 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo. Answer the following questions:
Note that the home is considered to be a non-residence with rental use.
Required - What is the total amount of from AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days. Do not round intermediate calculations. Round the final answer to the nearest whole dollar amount.
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