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Kelvin owns and lives in a duplex. He rents the other unit for $670 per month. He incurs the following expenses during the current year
Kelvin owns and lives in a duplex. He rents the other unit for $670 per month. He incurs the following expenses during the current year for the entire property:
Mortgage interest | $ 7,100 |
---|---|
Property taxes | 1,680 |
Utilities | 1,120 |
Fixed light fixture in rental unit | 60 |
Fixed dishwasher in personal unit | 170 |
Painted entire exterior | 860 |
Insurance | 1,200 |
Depreciation (entire structure) | 5,700 |
Required:
How are the above income and expenses reported on Kelvins tax return?
Personal | Schedule-A | Schedule-E | |
Income | $ | ||
Mortagage Interest | $ | $ | ($) |
Property taxes | $ | $ | ($) |
Utilities | $ | ($) | |
Fix Light(Rent) | ($) | ||
Fix Dishwasher | $ | ||
Paint Exterior | $ | ($) | |
Insurance | $ | ($) | |
Depreciation | $3 | ($) | |
$ | ($) |
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