Careen owns a condominium near Newport Beach in California. This year, she incurs the following expenses in connection with her condo:
Insurance....................$1,500
Mortgage interest............8,500
Property taxes...............4,000
Repairs..........................950
Utilities.......................1,900
Depreciation.................5,500
During the year, Careen rented the condo for 90 days, receiving $20,000 of gross income. She personally used the condo for 50 days. Assuming Careen uses the IRS method of allocating expenses to rental use of the property. What is Careen's net rental income for the year?
a. ($2,350)
b. $0
c. $3,669
d. $5,633
e. $10,586
f. $14,489