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ACC 547 Week 4 Individual Assignment Tax Problems

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ACC 547 Week 4 Individual Assignment Tax Problems 64. Assume Natalie uses the IRS method of allocating expenses to rental use of the property. a. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo? b. What is the total amount of itemized deductions Natalie may deduct in the current year related to the condo? Natalie decrease personal part of the capital value and business costs. People are deductible without attention to rental income. c. If Natalie’s basis in the condo at the beginning of the year was $150,000, what is her basis in the condo at the end of the year? d. Assume that gross rental revenue was $1,000 (rather than $10,000), what amount of for AGI deductions may Natalie deduct in the current year related to the condo? 65. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property a. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo? b. What is the total amount of itemized deductions Natalie may deduct in the current year related to the condo? Natalie may the personal share of the mortgage investment and property values. It is deductible without consideration to rental revenue. c. If Natalie’s basis in the condo at the beginning of the year was $150,000, what is her basis in the condo at the end of the year? d. Assume that gross rental revenue was $2,000 (rather than $10,000), what amount of for AGI deductions may Natalie deduct in the current year related to the condo?

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