# accounting

Assuming Alexa receives \$20,000 in gross rental receipts, answer the following questions:

a. What effect does the rental activity have on her AGI for the year?

b. Assuming that Alexa’s AGI from other sources is \$90,000, what effect does the rental activity have on Alexa’s AGI? Alexa makes all decisions with respect to the property.

c. Assuming that Alexa’s AGI from other sources is \$120,000, what effect does the rental activity have on Alexa’s AGI? Alexa makes all decisions with respect to the property.

d. Assume that Alexa’s AGI from other sources is \$200,000. This consists of \$150,000 salary, \$10,000 of dividends, and \$25,000 of long-term capital gain and net rental income from another rental property in the amount of \$15,000. What effect does the Cocoa Beach Condo rental activity have on Alexa’s AGI?

1. 👍
2. 👎
3. 👁

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