Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:
Insurance$2,050Mortgage interest 7,450Property taxes 4,200Repairs & maintenance 650Utilities 4,650Depreciation 23,700
During the year, Alexa rented out the condo for 137 days. Alexa’s AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income.
Assume that in addition to renting the condo for 137 days, Alexa uses the condo for eight days of personal use. Also assume that Alexa receives $47,750 of gross rental receipts. Answer the following questions:
What is the total amount of