In the current year, Clara rented her apartment on AirBnb for 13 days. She received gross rental income of $3,100. Her expenses for the apartment are: - Operating expenses $4,000 - Depreciation $2,000 - Mortgage interest and Property taxes $4,000 - Utilities/repairs $2,000

Calculate the income and expenses reported for the rental activity. What will Clara report on her tax return for this rental activity?

$3,100 income, $3,100 expenses

$3,100 income, $0 expenses

Clara will not report anything.

$3,100 income; $12,000 expenses

2/

Selena is self-employed. She goes on a 7-day business trip to New York. On the trip, she spends 4 days working and 3 days on vacation. The trip expenses are below:

Airfare: $650 total, Hotel: $140/day, Food: $55/day, City transportation: $30/day.

What is the total amount of these expenses Selena can deduct?

$1,550

$900

$650

$2,225

Which of the following are deductions from AGI? (select all that apply).

One-half self-employment tax

Self-employed health insurance

Post-tax health insurance

Donations to a school

Supplies for a taxpayer's K-12 classroom

Moving expenses for military members on Permanent Change of Station orders

Student loan interest

Mortgage interest