Wilson Owns a Condominium in Gatlinburg, Tennessee AFor Each of the Following Scenarios Indicate Whether Wilson Would

Essay

Wilson owns a condominium in Gatlinburg, Tennessee. During the current year, she incurs the following expenses before allocation related to the property:
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$$\begin{array} { l r } \text { Mortgage interest } & \$ 10,000 \\\text { Property taxes } & 4,000 \\\text { Utilities } & 1,000 \\\text { Maintenance fees } & 1,300 \\\text { Repairs } & 800 \\\text { Depreciation } & 6,000\end{array}$$
a.For each of the following scenarios indicate whether Wilson would treat the condominium for income tax purposes as personal use property, a rental or a vacation home.?? $$\begin{array} { | l | r | r | r | r | } \hline \text { Case } & \text { Rental } & \text { Rental } & \text { Personal } & \text { Personal, rental, } \\&\text { Income } & \text { Days } & \text { Use Days } & \text { or vacation } \\\hline \text { A } & \$ 10,000 & 300 & 0 & \\\hline \text { B } & 7,000 & 60 & 10 & \\\hline \text { C } & 15,000 & 60 & 20 & \\\hline \text { D } & 2,000 & 10 & 40 & \\\hline \text { E } & 11,000 & 280 & 20 \\\hline\end{array}$$
b.Consider Case C. Determine Wilson's deductions related to the condominium. Indicate the amount of each expense that can be deducted and how it would be deducted.