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During the current year, Kim incurs the following expenses with repects to her beachfront condominium in Hawaii: Insurance $500 Repairs and Maintenance 700 Interest on mortgage 3,000 Property taxes 1,000 Utilities 800 In addition to the expenses listed above, Kim could have deducted a total of $8000 depreciation if the property had been acquired only for investment purposes. During the year, Kim uses the condominium 20 days for vacation. She also rented it out for a total of 60 days during the year, generating a total gross income of $9000. a. What is the total amount of deductions for and from AGI that Kim may take during the current year with respect to the condo?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9795660

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