oblem 14-61 (LO 14-5) (Algo) me following information applies to the questions exa owns a condominium near Cocoa Beach in F condo: Insurance ortgage interest "roperty taxes Lepairs & maintenance tilities epreciation $ 2,500 7,250 2,400 1,650 3,500 15,750 ring the year, Alexa rented out the condo for 100 year. Alexa's AGI from all sources other than the rces of passive income. uming Alexa receives $22,000 in gross rental r e: Leave no answer blank Entor zore if applic
oblem 14-61 (LO 14-5) (Algo) me following information applies to the questions exa owns a condominium near Cocoa Beach in F condo: Insurance ortgage interest "roperty taxes Lepairs & maintenance tilities epreciation $ 2,500 7,250 2,400 1,650 3,500 15,750 ring the year, Alexa rented out the condo for 100 year. Alexa's AGI from all sources other than the rces of passive income. uming Alexa receives $22,000 in gross rental r e: Leave no answer blank Entor zore if applic
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 1MCQ: Alice purchases a rental house on August 22,2019, for a cost of $174,000. Of this amount, $100,000...
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![Required information
Problem 14-61 (LO 14-5) (Algo)
[The following information applies to the questions displayed below.]
Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with
her condo:
AGI
Insurance
Mortgage interest
Property taxes
Repairs & maintenance
Utilities
Depreciation
$ 2,500
7,250
2,400
1,650
3,500
15,750
During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for rsonal 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.
Problem 14-61 Part a (Algo)
Assuming Alexa receives $22,000 in gross rental receipts, answer the following questions:
Note: Leave no answer blank. Enter zero if applicable.
a. What effect does the rental activity have on her AGI for the year?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F67777cab-41ef-4732-a477-584424fe68f2%2Fa3b31bd6-3421-4967-a5b1-5e5ee51ae47f%2F7p8dxxr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 14-61 (LO 14-5) (Algo)
[The following information applies to the questions displayed below.]
Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with
her condo:
AGI
Insurance
Mortgage interest
Property taxes
Repairs & maintenance
Utilities
Depreciation
$ 2,500
7,250
2,400
1,650
3,500
15,750
During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for rsonal 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.
Problem 14-61 Part a (Algo)
Assuming Alexa receives $22,000 in gross rental receipts, answer the following questions:
Note: Leave no answer blank. Enter zero if applicable.
a. What effect does the rental activity have on her AGI for the year?
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