In 2013 and 2014 Andy, who is single owned a vacation home that generated both i
ID: 2448733 • Letter: I
Question
In 2013 and 2014 Andy, who is single owned a vacation home that generated both income and related expenses as listed below. Andy’s only other income is W2 wages of $276,000
YEAR
INCOME
Ad Valorem Taxes
Management fees
2013
$35,000
$9,500
$29,000
2014
$32,000
$9,500
$29,000
Andy has no other expenses that would be allowed as deductions either for or from AGI. How much of the MANGAGEMENT FESS (after all limitations) can Andy deduct in 2013? Andy
In 2013 FOR AGI______ FROM AGI__________ CARRYOVER________
YEAR
INCOME
Ad Valorem Taxes
Management fees
2013
$35,000
$9,500
$29,000
2014
$32,000
$9,500
$29,000
Explanation / Answer
Answer:
$25500 of the MANGAGEMENT FESS (after all limitations) can Andy deduct in 2013.
Andy in 2013 for agi is 35000 from AGI 25500 carryover 3500.
Particulars Amount ($) Income 35000 Less: Valorem Taxes 9500 Remaining income 25500Related Questions
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