Ashton owns a condominium near San Diego, California. This year, he incurs the following expenses in connection with his condo: Insurance$1,300Mortgage interest 8,000Property taxes 2,000Repairs and maintenance 900Utilities 2,200Depreciation 10,000 During the year, Ashton rented the condo for 120 days and he received $24,000 of rental receipts. He did not use the condo at all for personal purposes during the year. Ashton is considered to be an active participant in the property. Ashton's AGI from all sources other than the rental property is $120,000. Ashton does not have passive income from any other sources. What is Ashton's AGI?
What will be an ideal response?
$119,600
$120,000 + ($400)
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What will be an ideal response?