In 2007, Tyler Tomey (548-55-9234) paid $135,000 for a condominium that he uses as a rental property. In 2012, he spent $37,000 furnishing the condo. He uses regular MACRS to depreciate the furnishings. In 2012, Tyler deducted 50% of the cost of the furnishing as a bonus depreciation. The half-year convention applies to the furnishings. During 2015, Tyler received $15,000 in rental income and paid the following expenses: Associations dues $2,800 Insurance 350 Mortgage Interest 7,460 Real Estate taxes 1,400 Repairs 760 Utilities 360 The property is located at 5505 West End Road #5, Farmington, IN 46883. Tyler actively participates in the rental activity. His modified AGI before considering the above income and expenses is $141,400. He depreciates the condominium using MACRS.

Required:

Prepare Schedule E for Tyler. (10 points) Prepare Form 8582 for Tyler.

Prepare Schedule E and Form 8582. Show your detailed calculation, or your work (particularly for depreciation).