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Please help me calculate depreciation 4. Horacio's father, Rafael died on August 20, 2013, leaving Horacio his entire estate. Included in the estate was Rafael's

Please help me calculate depreciationimage text in transcribed

4. Horacio's father, Rafael died on August 20, 2013, leaving Horacio his entire estate. Included in the estate was Rafael's house (1601 Via Valle, El Paso, TX 79901). Rafael's basis in the residence was $86,600. The fair market value of the residence on August 20, 2013 was $142,000. Horacio has used the property as a rental property since he received it and has managed it himself, however he is not a real estate professional. To compute the depreciation on the house, Horacio has allocated $18,000 of the property's basis to the land and the remaining amount to the house. He has depreciated the house using the MACRS rules and conventions applicable to residential real estate. Horacio has collected $1,400 per month all year (12 months) for 2019. The house was rented during the entire year. He did not pay anyone that would require form 1099 for work related to this house. Ignore Qualified Business Income for this property. He incurred the following expenses related to the rental house during the year: Property Insurance Property Taxes Utilities Maintenance Depreciation $3,110 $5,912 $2,020 $1,013 To be computed

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