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Kelvin owns and lives in a duplex. He rents the other unit for $680 per month. He incurs the following expenses during the current year
Kelvin owns and lives in a duplex. He rents the other unit for $680 per month. He incurs the following expenses during the current year for the entire property: Mortgage interest Property taxes Utilities Fixed light fixture in rental unit Fixed dishwasher in personal unit Painted entire exterior Insurance Depreciation (entire structure) $7,150 1,720 1,180 65 180 890 1,300 5,800 Required: How are the above income and expenses reported on Kelvin's tax return? (Enter Schedule E expense as a negative number.) Personal Schedule A Schedule E Income Mortgage interest Property taxes Utilities Fix light (rental) Fix dishwasher Paint exterior Insurance Depreciation $ 0 $ 8,160
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