Jim and Wendy rent out their home in Florida for 208 days during the year and use it personally for 36 days during the year. They incurred the following expenses:

Real estate tax $6,000

Mortgage interest 12,500

Utilities and maintenance 7,000

Depreciation (total for property) 4,500

Jim and Wendy had income of $18,500 from the property. Determine the net income or loss for this property. Use the US Tax Court method and the IRS method to allocate expenses and SHOW ALL WORK!