12. The Cohens purchased a vacation condominium at ETI Snowwhite, Aspen, Colorado 02433, on April 1, 201? for $550,000, borrowing $200,000 with a mortgage. They used it personally except for from May 1, 2010 to October 31, 2010, when they;r rented it out. The}? reported the following: Rental Income $ 46,000 Interest expense (mortgage) (9,500) Repair expense (000) Property tax expense (5,300) Utilities Expense (T00) Homeowner's Association dues (3,500) Depreciation Expense (10,400) Total Expense [30,3001 Net IneometILoss) 5 15,?00 Note that the expenses are not prorated