Assume Ritas consulting business generated $15,000 in gross income. a) What is Ritas home office deduction for

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Assume Rita’s consulting business generated $15,000 in gross income.

a) What is Rita’s home office deduction for the current year?

b) What would Rita’s home office deduction be if her business generated

$10,000 of gross income instead of $15,000? (Answer for both the actual expense method and the simplified method.)

c) Given the original facts, what is Rita’s AGI for the year?

d) Given the original facts, what types and amounts of expenses will she carry over to next year?

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McGraw-Hill's Taxation Of Individuals

ISBN: 9781259729027

2017 Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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Question Posted: Oct 11, 2024 05:05 AM

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Assume Ritas consulting business generated $15,000 in gross income. a) What is Ritas home office deduction for

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McGraw-Hill's Taxation Of Individuals

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