7. (5 points) Rocky has a full-time job as an electrical engineer. In his spare time, he repairs TV sets in the basement of his personal residence. He uses the basement as his office exclusively for his business. The floor space of the residence is 5,000 square feet and he estimates that the basement represents 30% of the total square footage. Gross income from the business is $12,000, while expenses (other than the home office expenses) are $6,000. Expenses relating t the residence are as follows: Total real property taxes Total Interest on mortgage Total Utilities Depreciation on 30% of home $4,500 $9,000 $2,500 $1,500 What are Rocky's deductions related to the home office? He does not elect the simplified method.