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Assuming Alexa receives $20,000 in gross rental receipts, answer the following
questions:
a. What effect does the rental activity have on her AGI for the year?
b. Assuming that Alexa’s AGI from other sources is $90,000, what effect does
the rental activity have on Alexa’s AGI? Alexa makes all decisions with respect
to the property.
c. Assuming that Alexa’s AGI from other sources is $120,000, what effect does
the rental activity have on Alexa’s AGI? Alexa makes all decisions with respect
to the property.
d. Assume that Alexa’s AGI from other sources is $200,000. This consists of
$150,000 salary, $10,000 of dividends, and $25,000 of long-term capital gain
and net rental income from another rental property in the amount of $15,000.
What effect does the Cocoa Beach Condo rental activity have on Alexa’s AGI?
4 answers
NEED HELP GETTING STARTED.
I think it's safe to say Alexa's condo is NOT a qualified residence (she did not reside in it at all) - that said, Alexa makes all decisions with respect to the property, qualifying her as an active participant . . . so, is she able to deduct the mortgage interest (as long as her AGI does not exceed the limit)??
nerrr