Don owns a condominium near Orlando, California. This year, he incurs the following expenses in connection with his condo: $$\begin{array} { | l | r | }
\hline \text { Salary } & \$ 120,000 \
\hline \text { Loss from rental property } & ( 40,000 ) \
\hline
\end{array}$$ 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: $$\begin{array} { | l | r | } 
\hline \text { Salary } & \$ 120,000 \
\hline \text { Loss from rental property } & ( 40,000 ) \
\hline
\end{array}$$ 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: $$\begin{array} { | l | r | } 
\hline \text { Salary } & \$ 120,000 \
\hline \text { Loss from rental property } & ( 40,000 ) \
\hline
\end{array}$$ 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 Salary $120,000 Loss from rental property (40,000)\begin{array} { | l | r | } \hline \text { Salary } & \$ 120,000 \\\hline \text { Loss from rental property } & ( 40,000 ) \\\hline\end{array} Salary Loss from rental property ​$120,000(40,000)​​

Don Owns a Condominium near Orlando, California $\begin{array} { | l | r | } \hline \text { Salary } & \$ 120,000 \\\hline \text { Loss from rental property } & ( 40,000 ) \\\hline\end{array}$