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Problem 8-34 (LO 8-1, 8-2) Kelvin owns and lives in a duplex. He rents the other unit for $750 per month. He incurs the
Problem 8-34 (LO 8-1, 8-2) 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 Required: How are the above income and expenses reported on Kelvin's tax return? Note: Enter Schedule E expense as a negative number. Personal Schedule A Schedule E Income Mortgage interest Property taxes Uulities Fix light (rental) Fix dishwasher Paint exterior Insurance Depreciation
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