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:
Determine Cornelius's deduction related to the condominium. Indicate the amount of each expense that can be deducted and how it would be deducted.
$$\begin{array} { l r }
\text { Mortgage interest } & \$ 4,000 \
\text { Property taxes } & 1,800 \
\text { Utilities } & 2,000 \
\text { Insurance } & 1,200 \
\text { Depreciation } & 10,000
\end{array}$$

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:
Determine Cornelius's deduction related to the condominium. Indicate the amount of each expense that can be deducted and how it would be deducted.
 $$\begin{array} { l r } 
\text { Mortgage interest } & \$ 4,000 \
\text { Property taxes } & 1,800 \
\text { Utilities } & 2,000 \
\text { Insurance } & 1,200 \
\text { Depreciation } & 10,000
\end{array}$$

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:
Determine Cornelius's deduction related to the condominium. Indicate the amount of each expense that can be deducted and how it would be deducted.
 $$\begin{array} { l r } 
\text { Mortgage interest } & \$ 4,000 \
\text { Property taxes } & 1,800 \
\text { Utilities } & 2,000 \
\text { Insurance } & 1,200 \
\text { Depreciation } & 10,000
\end{array}$$

Cornelius Owns a Condominium in Orlando