Question
T is an unmarried taxpayer who is self-employed. He also owns a rental property as an investment. Given the following items of income and deduction,
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T is an unmarried taxpayer who is self-employed. He also owns a rental property as an investment. Given the following items of income and deduction, determine T's AGI.
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Business revenues - $60,000
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Business expenses - $17,000
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Rental revenues - $15,000
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Rental expenses - $11,000
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Gambling winnings - $2,500
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Gambling losses - $1,000
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Self-employment tax on business income (100%) - $6,076
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Health insurance premiums paid - $9,000
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Mortgage interest paid - $11,000
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State income taxes paid - $3,500
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Charitable contributions - $500
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Knowledge Audit Its Learning Lessons
Authors: Ajit Kumar
1st Edition
3659494836, 978-3659494833
