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Please use 2020 Tax rules!!! David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively
Please use 2020 Tax rules!!!
David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $41,250. Other information follows:
Income from consulting business | $ 4,150 |
---|---|
Consulting expenses other than home office | 1,620 |
Total costs relating to home: | |
Interest and taxes | 6,590 |
Utilities | 1,560 |
Maintenance and repairs | 480 |
Depreciation (business part only) | 1,650 |
Required:
Calculate Davids AGI. (Do not round intermediate calculations.)
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