During the present year kim incurs the subsequent expenses, Ask an Expert

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During the present year, Kim incurs the subsequent expenses with respect to her beach front condominium in Hawaii...
Insurance $500
Interest on mortgage $3,000
Repairs and maintenance $700
Property taxes $1,000
Utilities $800
In addition to expenses listed above, Kim could have deducted a total of $8,000 depreciation if property had been acquired only for investment purposes. During year, Kim uses the condominium 20 days for vacation. She also rented it out for a total of 60 days during year, preparing total gross income of $9,000

Evaluate the total amount of deductions for and from AGI that Kim can take during the present year with respect to the condominium?

Evaluate the effect on the basis of the condominium?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9740421

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