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This is part of my ACCOUNTING PROGRAM........ Kelvin owns and lives in a duplex. He rents the other unit for $820 per month. He incurs
This is part of my ACCOUNTING PROGRAM........
Kelvin owns and lives in a duplex. He rents the other unit for $820 per month. He incurs the following expenses during the current year for the entire property:
Mortgage interest | $7,850 |
Property taxes | 2,280 |
Utilities | 1,960 |
Fixed light fixture in rental unit | 130 |
Fixed dishwasher in personal unit | 320 |
Painted entire exterior | 1,280 |
Insurance | 2,600 |
Depreciation (entire structure) | 7,100 |
How are the above income and expenses reported on Kelvins tax return?
Personal | Schedule A | Schedule E | |
Income | |||
Mort. Int | |||
Prop. tax | |||
Utili. | |||
Fix Light | |||
Fix dishwash | |||
Paint Ext | |||
Insurance | |||
Deprec |
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