All categories

3 years ago

Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:

Business

1 answer:

Butoxors [25]3 years ago

5 0

Answer:

Part(A):

Total expenses in connection with condo:

= 2000 + 6500 + 2000 + 1400 + 2500 + 14500

= $28,900

Assuming Alexa receives $20,000 inn gross rental receipts, she will incur losses = 20000 -28,900 = (8,900)

As Alexa's AGI from all sources other than the rental property($200,000) is higher than $150,000, she will not be able to deduct any amount of loss against her active income.

Therefore the loss is not deductible and rental activity has no effect on her AGI.

Part(B):

Assuming that Alexa’s AGI from other sources is $90,000.

Since her AGI is less $100,000, she will be able to deduct loss of $8,900

Therefore, rental activity loss will reduce Alexa's AGI to = 90,000 - 8.900 = 81,100

The rental activity loss will reduce her AGI by $8,900 and her AGI would be 81,100.

You might be interested in

The ending inventory of finished goods for each quarter should equal 20% of the next quarter's budgeted sales in units. The fini

ale4655 [162]

Answer:

Instructions are below.

Explanation:

Giving the following information:

The ending inventory of finished goods for each quarter should equal 20% of the next quarter's budgeted sales in units. The finished goods inventory at the start of the year is 3,600 units.

We weren't provided with enough information to solve the problem. But, I will leave the formula and a small example to guide an answer.

Purchases= sales + desired ending inventory - beginning inventory

For example:

Sales 2nd Quarter= 27,000 units

Sales 3rd Quarter= 45,000 units

Production budget (in units):

Sales= 27,000

Desired ending inventory= (45,000*0.20)= 9,000

Beginning inventory= (3,600)

Total= 32,400 units

5 0

4 years ago

If people expect the price of packaged coffee to rise next week, coffee demand will:

SVETLANKA909090 [29]

Increase, assuming packaged coffee=coffee, people will demand more coffee being aware that its price will be increased, thus they will try to consume its benefits before its price goes up.

4 0

3 years ago

"An inflationary gap exists when AD and SRAS" :

lozanna [386]

Answer: The Answer IS A.

Explanation: fail to Intersect

8 0

4 years ago

Read 2 more answers

During the vulnerability scan, you identified a vulnerable service in the linux victim system. what was the name of the vulnerab

kogti [31]

During the vulnerability scan, you identified a vulnerable service in the linux victim system. The name of the vulnerable service is the telnet service. The telnet service is a command user with an underlying TCP/IP protocol for the ability to approach remote computer software. Using this server, the administrator can access an individuals' computer.

7 0

3 years ago

Farm subsidies account for approximately ________ of net agricultural income, making America's farmers among the most heavily su

Ronch [10]

Answer:

One fifth

Explanation:

Farm subsidies account for approximately one fifth of net agricultural income, making America's farmers among the most heavily subsidized in the world.

American governement provide subsidy to the farmer to incourage farming in United States and help them to hedge the risk out of demand disruption, price fluctuation, climatic changes, etc. In 2019, US governement payout $22 billion subsidy directly to the farmer, which make it highest subsidized farmer in the world. It has encouraged farmer to produce more crops like Corns, Wheat, rice, soyabean, cotton, etc. As new farm bill was passed at US parliament in 2014, however, higher subsidy process have become more complex, which is benefiting only to the rich farmers in United states.

3 0

3 years ago