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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?
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