Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kelvin owns and lives in a duplex. He rents the other unit for $730 per month. He incurs the following expenses during the current year
Kelvin owns and lives in a duplex. He rents the other unit for $730 per month. He incurs the following expenses during the current year for the entire property: Mortgage interest $ 7,400 Property taxes 1,920 Utilities 1,480 Fixed light fixture in rental unit 90 Fixed dishwasher in personal unit 230 Painted entire exterior 1,040 Insurance 1,800 Depreciation (entire structure) 6,300 How are the above income and expenses reported on Kelvins tax return?
PERSONAL | SCHEDULE A | SCHEDULE E | |
INCOME | 8760 | ||
MORTGAGE INTEREST | ???? | 3700 | ??? |
PROPERTY TAXES | ??? | 960 | ??? |
UTILITIES | ??? | ????? | |
FIX LIGHT (RENTAL) | ??? | ||
FIX DISHWAHER | ????? | ||
PAINT EXTERIOR | ?????? | ???? | |
INSURANCE | ?????? | 900 | |
DEPRECIATION | ?????? | 3150 | |
ONLY THE ??? WILL HAVE A NUMBER
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started