Question
Liz, who is single, lives in a single family home and owns a second single family home that she rented for the entire year. Liz
Liz, who is single, lives in a single family home and owns a second single family home that she rented for the entire year. Liz had the following items of income and expense durning the current year:
income:
gross salary and commissions from Ace Corporation $50,000
rent received from tenant in Liz's rental house $13,000
cash dividends received on her portfolio of stocks $10,000
expenses:
unreimbursed professional dues $500
subscriptions to newsletters recommending stocks $1000
taxes, interest and repair expenses on rental house $3,500
depreciation expense on rental house $2,500.
What is her adjusted gross income for the year?
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