Rayleen owns a condominium near Orlando,Florida.This year,she incurs the following expenses in connection with her condo:
During the year,Rayleen rented the condo for 130 days and she received $25,000 of rental receipts.She did not use the condo at all for personal purposes during the year.Rayleen is considered to be an active participant in the property.Rayleen's AGI from all sources other than the rental property is $130,000.Rayleen does not have passive income from any other sources.What is Rayleen's AGI?

Question

Rayleen owns a condominium near Orlando,Florida.This year,she incurs the following expenses in connection with her condo:
  During the year,Rayleen rented the condo for 130 days and she received $25,000 of rental receipts.She did not use the condo at all for personal purposes during the year.Rayleen is considered to be an active participant in the property.Rayleen's AGI from all sources other than the rental property is $130,000.Rayleen does not have passive income from any other sources.What is Rayleen's AGI?

Quizplus · Accepted Answer

The Answer of Rayleen owns a condominium near Orlando,Florida.This year,she incurs the following expenses in connection with her condo:
  During the year,Rayleen rented the condo for 130 days and she received $25,000 of rental receipts.She did not use the condo at all for personal purposes during the year.Rayleen is considered to be an active participant in the property.Rayleen's AGI from all sources other than the rental property is $130,000.Rayleen does not have passive income from any other sources.What is Rayleen's AGI?

Rayleen Owns a Condominium near Orlando,Florida