Cornelius Owns a Condominium in Orlando

question 35

Essay

Cornelius owns a condominium in Orlando. During the year, Cornelius uses the condo a total of 25 days. The condo is also rented to vacationers for a total of 75 days and generates rental income of $9,000. Cornelius incurs the following expenses:
Determine Cornelius's deduction related to the condominium. Indicate the amount of each expense that can be deducted and how it would be deducted.
$$\begin{array} { l r } \text { Mortgage interest } & \$ 4,000 \\\text { Property taxes } & 1,800 \\\text { Utilities } & 2,000 \\\text { Insurance } & 1,200 \\\text { Depreciation } & 10,000\end{array}$$

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Definitions:

Autotrophs

Organisms capable of producing their own food through photosynthesis or chemosynthesis, utilizing sunlight or chemical reactions.

Heterotrophs

Organisms that obtain their energy by consuming other living or deceased organisms, as they cannot synthesize their own food.

Organisms

Individual living entities that can act or function independently, ranging from single-celled forms like bacteria to complex multicellular entities like humans.