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need help solve this problem Alex, who is single, conducts an activity in 2019 that is classified as a hobby. The activity produces the following
need help solve this problem
Alex, who is single, conducts an activity in 2019 that is classified as a hobby. The activity produces the following revenues and expenses. Revenue Property taxes Materials and supplies Utilities $18,000 3,000 4,500 2,000 5,000 750 4,000 Advertising Insurance Depreciation Without regard to this hobby, Alex's AGI is $42,000. Determine the amount of gross income that Alex must report and the amount of expenses he is permitted to deduct. Assume Alex itemizes his deductions. Reportable income: $ Deductible expenses: $Step by Step Solution
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