What is the effect on the basis of the condominium, Accounting Basics

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What is the effect on the basis of the condominium

During the current year, Kim incurs the following expenses with respect to her beachfront condominium in Hawaii: Insurance $500 Repairs and maintenance $700 Interest on mortgage $3,000 Property taxes $1,000 Utilities $800 What is the total amount of deductions for and from AGI that Kim may take during the current year with respect to the condominium? What is the effect on the basis of the condominium?

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Accounting Basics: What is the effect on the basis of the condominium

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Accounting Basics: What is the effect on the basis of the condominium

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