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Determine Cornelius deduction related to the condominium

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Reference no: EM133051537

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:

Mortgage interest $4,000

Property taxes 1,800

Utilities 2,000

Insurance 1,200

Depreciation 10,000

Required - Determine Cornelius's deduction related to the condominium. Indicate the amount of each expense that can be deducted and how it would be deducted. Use the IRS approach for allocation.

Reference no: EM133051537

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