Cornelius owns a condominium in Orlando.During the year,Cornelius uses the condo a total of 25 days.The condo is also rented to vacationers for a total of 75 days and generates rental income of $9,000.Cornelius incurs the following expenses:
$$\begin{array} { l r }
\text { Mortgage interest } & \$ 4,000 \
\text { Property taxes } & 1,800 \
\text { Utilities } & 2,000 \
\text { Insurance } & 1,200 \
\text { Depreciation } & 10,000
\end{array}$$
Determine Cornelius's deduction related to the condominium.Indicate the amount of each expense that can be deducted and how it would be deducted.

Question

Cornelius owns a condominium in Orlando.During the year,Cornelius uses the condo a total of 25 days.The condo is also rented to vacationers for a total of 75 days and generates rental income of $9,000.Cornelius incurs the following expenses:
 $$\begin{array} { l r } 
\text { Mortgage interest } & \$ 4,000 \
\text { Property taxes } & 1,800 \
\text { Utilities } & 2,000 \
\text { Insurance } & 1,200 \
\text { Depreciation } & 10,000
\end{array}$$ 
Determine Cornelius's deduction related to the condominium.Indicate the amount of each expense that can be deducted and how it would be deducted.

Quizplus · Accepted Answer

The Answer of Cornelius owns a condominium in Orlando.During the year,Cornelius uses the condo a total of 25 days.The condo is also rented to vacationers for a total of 75 days and generates rental income of $9,000.Cornelius incurs the following expenses:
 $$\begin{array} { l r } 
\text { Mortgage interest } & \$ 4,000 \
\text { Property taxes } & 1,800 \
\text { Utilities } & 2,000 \
\text { Insurance } & 1,200 \
\text { Depreciation } & 10,000
\end{array}$$ 
Determine Cornelius's deduction related to the condominium.Indicate the amount of each expense that can be deducted and how it would be deducted.

Cornelius Owns a Condominium in Orlando Determine Cornelius's Deduction Related to the Condominium