Don owns a condominium near Orlando, California.This year, he incurs the following expenses in connection with his condo:
$\begin{array}{llcc}
\text { Insurance} & \$1,300 \
\text { Mortgage interest} &10,000\
\text {Property taxes } &3,000\
\text {Repairs and maintenance } &900\
\text { Utilities } &2,200\
\text { Depreciation } &12,000\
\end{array}$
During the year, Don rented the condo for 70 days and he received $17,400 of rental receipts.He did not use the condo at all for personal purposes during the year.Don is considered to be an active participant in the property.Don's AGI from all sources other than the rental property is $140,000.Don does not have passive income from any other sources.What is Don's AGI?

Question

Don owns a condominium near Orlando, California.This year, he incurs the following expenses in connection with his condo:
 $\begin{array}{llcc}
  \text {  Insurance} & \$1,300 \
 \text {  Mortgage interest} &10,000\
 \text {Property taxes  } &3,000\
 \text {Repairs and maintenance  } &900\
 \text { Utilities } &2,200\
 \text { Depreciation } &12,000\
\end{array}$
  During the year, Don rented the condo for 70 days and he received $17,400 of rental receipts.He did not use the condo at all for personal purposes during the year.Don is considered to be an active participant in the property.Don's AGI from all sources other than the rental property is $140,000.Don does not have passive income from any other sources.What is Don's AGI?

Quizplus · Accepted Answer

The Answer of Don owns a condominium near Orlando, California.This year, he incurs the following expenses in connection with his condo:
 $\begin{array}{llcc}
  \text {  Insurance} & \$1,300 \
 \text {  Mortgage interest} &10,000\
 \text {Property taxes  } &3,000\
 \text {Repairs and maintenance  } &900\
 \text { Utilities } &2,200\
 \text { Depreciation } &12,000\
\end{array}$
  During the year, Don rented the condo for 70 days and he received $17,400 of rental receipts.He did not use the condo at all for personal purposes during the year.Don is considered to be an active participant in the property.Don's AGI from all sources other than the rental property is $140,000.Don does not have passive income from any other sources.What is Don's AGI?

Don Owns a Condominium near Orlando, California During the Year, Don Rented the Condo for 70 Days