Ef 109. Alexa owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in connection with her condo:$ 2,70011,4503,9001,3803,90022,400InsuranceMortgage interestProperty taxesRepairs & maintenanceUtilitiesDepreciationDuring the year, Alexa rented out the condo for 171 days. 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 Alexareceives $53,000 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expensesassociated with the condo, and her itemized deduction for non-home business taxes is less than $10,000 by more than the realproperty taxes allocated to rental use of the home. Answer the following questions:Required:a. What is the total amount of for AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she usesthe IRS method of allocating expenses between rental and personal days.Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.b. What is the total amount of from AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she usesthe IRS method of allocating expenses between rental and personal days.Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.c. Would Alexa be better or worse off after taxes in the current year if she uses the Tax Court method of allocating expenses?

Gross rental income $ 53,000.00 Expenses: Insurance (3700*171/179) $…

Required: a. What is the total amount of for 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. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. 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. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. c. Would Alexa be better or worse off after taxes in the current year if she uses the Tax Court method of allocating expenses?

Required: a. What is the total amount of for 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. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. 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. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. c. Would Alexa be better or worse off after taxes in the current year if she uses the Tax Court method of allocating expenses?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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