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Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: $1,080 670 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation 1,320 1,180 1,130 10,500 During the year, Natalie rented out the condo for 96 days, receiving $26,500 of gross income. She personally used the condo for 44 days during her vacation. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo? For AGI deductions b. What is the total amount of itemized deductions Natalie may deduct in the current year related to the condo? Itemized deductions c. If Natalies basis in the condo at the beginning of the year was $207,000, what is her basis in the condo at the end of the year? Basis d. Assume that gross rental revenue was $2,800 (rather than $26,500). what amount of for AGI deductions may Natalie deduct in the current year related to the condo? For AGI deductions

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Gross rental income Advertising expense Mortgage interest Pro Insurance Repair & maintenance Utilities Depreciation Net income from rental of condo$ 14,735.00 Total AGI deduction $ 26,500.00 $ (670.00) S (1,223.00)-96/365 4650 $ (347.00) -96/365*1320 $ (741.00)-96/140 1080 $ (809.00) -96/140 1180 $ 775.00) -96/140 1130 $(7,200.00) -96/140 10500 taxes $ 11,765.00 Mortgage interest Real prop Total from AGI deduction $ 3,426.99 269/365*4650 $972.82 269/365 1320 $ 4,399.81 taxes $207,000.00 Beginning basis Depreciation actually deducted Adjusted basis (7,200.00) $199,800.00 2000. Natalie is allowed to deduct 2240 (670+1223+347) expense as for AGI deductions ( these deductions would not be limited to rental revenue even if it created a loss). In total, she will deduct 2000 of rental related expenses- leaving her with 0 net income from the pro

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