Using the IRS method of allocating expenses, the amount of depreciation that Abby may take with respect to the rental property will be
Abby owns a condominium in the Great Smokey Mountains. During the year, Abby uses the condo a total of 21 days. The condo is also rented to tourists for a total of 79 days and generates rental income of $12,500. Abby incurs the following expenses:
A) $5,074.
B) $8,515.
C) $7,900.
D) $10,000.
A) $5,074.
The taxpayer's use exceeds 10% of the rental days so the property is limited by the vacation home rules.
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