Response to the following problem:
During the current year, Kim incurs the following expenses with repects to her beachfront condominium in Hawaii:
Insurance $500
Repairs and Maintenance 700
Interest on mortgage 3,000
Property taxes 1,000
Utilities 800
In addition to the expenses listed above, Kim could have deducted a total of $8000 depreciation if the property had been acquired only for investment purposes. During the year, Kim uses the condominium 20 days for vacation. She also rented it out for a total of 60 days during the year, generating a total gross income of $9000.
a. What is the total amount of deductions for and from AGI that Kim may take during the current year with respect to the condo?