In 2020, Don Kesler had adjusted gross income of $50,000, including gross income from his hobby of $10,000. Expenses related to his hobby were as
In 2020, Don Kesler had adjusted gross income of $50,000, including gross income from his hobby of $10,000. Expenses related to his hobby were as follows:
-Insurance: $1000
-Utilities: $500
-Rent: $2,200
What amount of hobby expense is deductible by Don as an itemized deduction?
a) 3700
b) 2700
c) 0
d) 1000
please explain- thank you!
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Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki
7th Edition
1412953456, 978-1412953450
