James owns a home in Lake Tahoe, Nevada, that he rented for $5,000 for 40 days during the summer. He lived there for a total of 120 days, and the rest of the year the house was vacant. The expenses for the home included $6,200 in mortgage interest, $980 in property taxes, $1,460 in maintenance and utilities, and $2,780 in depreciation. What is his net income or loss from the rental of his home (without considering the passive loss limitation)? Use the IRS method for allocation of expenses.