Mackenzie owns a condominium in the Rocks Mountains. During the year, uses the condo a total of 23 days the condo is also rented to tourists for a total of 77 days and generates rental income of $10, 900. Mackenzie incurs the follow mg expenses in the eon do: After allocating expenses. the amount of depreciation that Mackenzie may take with respect to the rental property will be $0 $1.044. $5, 796 $11,000 On Form 1040. deductions foe adjusted gross income include the amounts paid for all of tin-following except alimony home mortgage interest. student loan interest moving expenses. Emeril borrows $340,000 to finance taxable and tax-exempt investments. He incurs $15,000 investment interest expense, allocate equally between the Usable and tax-exempt investment ignore any possible investment interest expense limitation. How much of the interest deductible, and where is it deductible? $15,000 from AGI $15,000 for AGI $7, 500 from AGI $7, 500 for AGI Georgia sells stock she purchased for $20,000 to her brother Billy for $12,000. Two years later. Billy sells the stock to Allie. an unrelated individual for $22,000. What is Billy’s recognized gain or loss?
