Required information Skip to question [The following information applies to the questions displayed below.] Natalie owns a condominium near Cocoa Beach in Florida. This year,
Required information Skip to question [The following information applies to the questions displayed below.] Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 570 Advertising expense 720 Mortgage interest 6,000 Property taxes 1,520 Repairs & maintenance 880 Utilities 860 Depreciation 10,800 During the year, Natalie rented out the condo for 91 days, receiving $14,750 of gross income. She personally used the condo for 37 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 366 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.)
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