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David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He
David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows:
Income from consulting business$4000Consulting expenses other than home office1,500Total costs relating to home:Interest and taxes6,500Utilities1,500Maintenance and repairs450Depreciation (business part only)1,500
Calculate David's AGI.
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