Assuming Alexa receives $20,000 in gross rental receipts, answer the following

Question

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?

Answer 1

What kind of HELP do you need? You need to be specific when asking questions here.

If all you do is post your entire assignment, with no evidence of thinking on your part, nothing will happen since no one here will do your work for you. But if you are specific about what you don't understand about the assignment or exactly what help you need, someone might be able to assist you.

Answer 2

NEED HELP GETTING STARTED.

Answer 3

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)??

Answer 4

nerrr