Kaylee is a self-employed investment counselor who also owns a rental property. Kaylee files single with one personal exemption. This year, she collected $85,000 in fees related to investment counseling business and $15,000 in rental income and paid the expenses listed below.

Health insurance premiums		4,200
Life insurance premiums		1,900
(whole life policy)
Depreciation on the rental property		1,650
Registration fees for investment seminars		2,690
Books on investing		2,850
Repairs of the rental property		1,450
Advertising for investment clients		1,770
State income taxes		4,300
Self employment tax		11,732

Gross Income

Deductions FOR AGI

Adjusted Gross Income

Deductions FROM AGI

Taxable Income

Item of Income or Deduction and amount		Include or Exclude		Why
		for Income items