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How much depreciation can jim deduct

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Question

Jim Hopper (an individual), owns a condominium Hawkins, IN. He rents the condo during the summer and uses it for vacations also. In 2019, Jim rented the condo for 110 days. He stayed in the condo 20 days for his own use. Jim uses the IRS method to allocate expenses. His gross rental income was $16,000 and the total expenses associated with the condo are:

Expense Category       Total Expenses              Strangely convenient empty column

Mortgage Interest        $6,000

Property taxes             $7,000

Maintenance                $3,000

Utilities                       $2,000

Depreciation                 $7,000

Total                           $25,000

a. How much depreciation can Jim deduct?

b. If Jim's gross rental income was only $8,000, how much interest, property taxes, and depreciation would Jim deduct?

Reference no: EM132326095

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