Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo:
Insurance $1,180
Advertising expense 665
Mortgage interest 3,300
Property taxes 1,270
Repairs & maintenance 950
Utilities 1,170
Depreciation 13,200
During the year, Natalie rented out the condo for 93 days, receiving $29,750 of gross income. She personally used the condo for 45 days during her vacation.
Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property.
a.What is the total amount of itemized deductions Natalie may deduct in the current year related to the condo?Itemized deductions $