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Kelvin owns and lives in a duplex. He rents the other unit for $750 per month. He incurs the following expenses during the current year
Kelvin owns and lives in a duplex. He rents the other unit for $750 per month. He incurs the following expenses during the current year for the entire property:
Mortgage interest | $7,500 |
Property taxes | 2,000 |
Utilities | 1,500 |
Fixed light fixture in rental unit | 100 |
Fixed dishwasher in personal unit | 250 |
Painted entire exterior | 1,300 |
Insurance | 1,800 |
Depreciation (entire structure) | 7,000 |
How are these income and expenses reported on Kelvins tax return? On what tax form(s) are these amounts reported?
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