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Kelvin owns and lives in a duplex. He rents the other unit for $700 per month. He incurs the following expenses during the current year
Kelvin owns and lives in a duplex. He rents the other unit for $700 per month. He incurs the following expenses during the current year for the entire property: |
Mortgage interest | $7,250 |
Property taxes | 1,800 |
Utilities | 1,300 |
Fixed light fixture in rental unit | 75 |
Fixed dishwasher in personal unit | 200 |
Painted entire exterior | 950 |
Insurance | 1,500 |
Depreciation (entire structure) | 6,000 |
How are the above income and expenses reported on Kelvins tax return? On what tax form(s) are these amounts reported?
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