Question
Thomas, a California resident, owns a summer cabin in South Lake Tahoe. During 2017,Thomas stayed 20 days, his parents and siblings stayed 8 days and
Thomas, a California resident, owns a summer cabin in South Lake Tahoe. During 2017,Thomas stayed 20 days, his parents and siblings stayed 8 days and Thomas rented the 3 bedroom 3 bath cabin for 45 days, at $ 400 per day. The following expenses relate to the summer cabin:
Interest expense on debt secured by the cabin
and incurred to acquire the cabin $14,000
Property taxes related to residence $ 9,000
Insurance $ 2,920
Utilities $ 5,840
Maintenance $ 4,380
Depreciation (calculated on entire property for this year) $10,220
How much can Thomas deduct on his Schedule E?
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