Business, 27.12.2019 01:31 mmaglaya1

Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting brussels. rent income was $5,000. related expenses for the year were as follows: real property taxes $3800 mortgage interest $7500 utilities $3700 insurance $2500 repairs $2100 depreciation $15000 a. determine the effect the rental activity has on adelene's agi? $. determine how much of the rental income is reportable. $

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Answer from: avavackity

a) The effect the rental activity has on Adelene's AGI is $0.

b) The total rental income is less than the total expenses for the year, so the reportable rental income is $0.

Explanation:

particulars amount amount

rental income $5,000

property taxes $3,800

mortgage interest $7,500

utilities $3,700

insurance $2,500

repairs $2,100

depreciation $15,000

total deduction $34,600

AGI $0

Therefore, The effect the rental activity has on Adelene's AGI is $0.

particulars amount

Real property taxes $3,800

mortgage interest $7,500

utilities $3,700

insurance $2,500

repairs $2,100

depreciation $15,000

total expenses $34,600

Therefore, The total rental income is less than the total expenses for the year, so the reportable rental income is $0.

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Answer from: Quest

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