K Nancy is a self-employed consultant who uses 10% of her residence as an office. The office is used exclusively for business and is frequented by customers on a regular basis. Nancy also uses her den as an office (12% of the toll floor space of her home) to prepare bills and keep records. However, the den is also used by her children as a TV room. In 2022, Nancy's net income from the consulting business (other than her home office expenses) amounts to $40,000 in 2022 She also incurs $1,400 of expenses directly related to the office (eg, painting of the office, window blinds). Nancy incurs the following expenses in 2022 related to her residence: Read the requirements Requirement a Which of the expenditures above (if any) are deductible for 2022? Are they for AGI or from AG deductions? Complete the table below to show the amount and classification of each of expense in. (Nancy is electing to use the actual expenses" rather than the sale harbor method. Complete all input fields Enter a "0" if an amount is not deductible) Amount of Deduction Direct home office expenses $ 1,400 Indirect home office expenses Real estate taxes $ 2,000 Mortgage interest 5,000 Insurance 500 Depreciation 3.500 1.000 Repairs and uttes Total indirect home office expenses Total expense for office in home Type of Deduction Nancy is a self-employed consultant who uses 10% of her residence as an office. The office is used exclusively for business and is frequented by customers on a regular basis. Nancy also uses her den as an office (12% of the total floor space of her home) to prepare bils and keep records. However, the den is also used by her children as a TV room, in 2022, Nancy's net income from the consulting business (other than her home office expenses) amounts to $40,000 in 2022. She also incurs $1,400 of expenses directly related to the office (eg, painting of the office, window blinds). Nancy incurs the following expenses in 2022 related to her residence: View the expenses. Read the requirements, Expenses Requirement a. Which of the expenditures AGI deductions? Complete the table below to show the amo Enter a "0" if an amount is not deductible) use the "actual expenses" rather than the "safe harbor method. Complete all input Selds Real estate taxes $ 2,000 Mortgage interest 5,000 Insurance 500 Depreciation 3,500 Direct home office expenses $ 1,000 Repairs and utilities Indirect home office expenses 12,000 Total Real estate taxes $ 2 Mortgage interest 5 Insurance Depreciation Repairs and utilities Total indirect home office expenses Total expense for office in home Print Done ancy is a self-employed consultant who uses 10% of her residence as an office. The office is used exclusively for business and is frequented by customers on a regular basis. Nancy also uses her n as an office (12% of the total floor space of her home) to prepare bills and keep records. However, the den is also used by her children as a TV room. In 2022, Nancy's net income from the onsulting business (other than her home office expenses) amounts to $40,000 in 2022. She also incurs $1,400 of expenses directly related to the office (e.g. painting of the office, window blinds). ancy incurs the following expenses in 2022 related to her residence: ew the expenses Read the requirement Requirements Requirement a. Which Complete the table beld Enter a "0" if an amoun Direct home office expe Indirect home office ex Requirements a Which of the expenditures above (if any) are deductible for 2022? Are they for AGI or from AGI deductions? b. Would your answer to Part a change if Nancy's net income from consulting were only $2,500 for the year? Real estate taxes Mortgage interest Insurance Depreciation Repairs and utilibes Total indirect home office expenses Total expense for office in home 1,000 Print Done X enses" rather than the "safe harbor method. Complete all input fields Clear all Check answer