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Wilson Owns a Condominium in Gatlinburg,Tennessee AFor Each of the Following Scenarios Indicate Whether Wilson Would

Question 164

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Wilson owns a condominium in Gatlinburg,Tennessee.During the current year,she incurs the following expenses before allocation related to the property:
 Mortgage interest $10,000 Property taxes 4,000 Utilities 1,000 Maintenance fees 1,300 Repairs 800 Depreciation 6,000\begin{array} { l r } \text { Mortgage interest } & \$ 10,000 \\\text { Property taxes } & 4,000 \\\text { Utilities } & 1,000 \\\text { Maintenance fees } & 1,300 \\\text { Repairs } & 800 \\\text { Depreciation } & 6,000\end{array}
a.For each of the following scenarios indicate whether Wilson would treat the condominium for income tax purposes as personal use property,a rental or a vacation home.
 Case  Rental  Income  Rental  Days  Personal  Use Days  Personal,  rental, or  vacation  A $10,0003000 B 7,0006010 C 15,0006020 D 2,0001040 E 11,00028020\begin{array} { | c | c | c | c | c | } \hline \text { Case } & \begin{array} { c } \text { Rental } \\\text { Income }\end{array} & \begin{array} { c } \text { Rental } \\\text { Days }\end{array} & \begin{array} { c } \text { Personal } \\\text { Use Days }\end{array} & \begin{array} { c } \text { Personal, } \\\text { rental, or } \\\text { vacation }\end{array} \\\hline \text { A } & \$ 10,000 & 300 & 0 & \\\hline \text { B } & 7,000 & 60 & 10 & \\\hline \text { C } & 15,000 & 60 & 20 & \\\hline \text { D } & 2,000 & 10 & 40& \\\hline \text { E } & 11,000 & 280 & 20& \\\hline\end{array}
b.Consider Case C.Determine Wilson's deductions related to the condominium.Indicate the amount of each expense that can be deducted and how it would be deducted.

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a.
Wilson can deduct $15,000 in alloca...

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