Small Landlord Exemption Question

[Matthew A Kelly]

I wanted to run this by the board and see if I understand it correctly.  I am married filing jointly and our MAGI is below $100K, or just above it, after 401K contributions.  We own a condo that collects $36,600 in rent per year.  Mortgage interest and depreciation are $31,455, and there are approximately $20,000 in other costs associated with the property including condo fees, management, and repairs.  So, we take in $36.5K and have approximately $52K in expenses.  Given that our MAGI is under $100K, I believe we can write off the $15.5K difference as passive losses (with a maximum being $25K, should we incur more.  Is this correct?