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Kelvin owns and lives in a duplex. He rents the other unit for $770 per month. He incurs the following expenses during the current year
Kelvin owns and lives in a duplex. He rents the other unit for $770 per month. He incurs the following expenses during the current year for the entire property:
Mortgage interest | $ 7,600 |
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Property taxes | 2,080 |
Utilities | 1,660 |
Fixed light fixture in rental unit | 105 |
Fixed dishwasher in personal unit | 270 |
Painted entire exterior | 1,130 |
Insurance | 2,100 |
Depreciation (entire structure) | 6,600 |
Required:
How are the above income and expenses reported on Kelvins tax return?
Note: Enter Schedule E expense as a negative number.
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