Cornelius Owns a Condominium in Orlando

Essay

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.
$$\begin{array} { l r } \text { Mortgage interest } & \$ 4,000 \\\text { Property taxes } & 1,800 \\\text { Utilities } & 2,000 \\\text { Insurance } & 1,200 \\\text { Depreciation } & 10,000\end{array}$$