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Liz,who Is Single in 2019,lives in a Single Family Home

Question 20

Multiple Choice

Liz,who is single in 2019,lives in a single family home and owns a second single family home that she rented for the entire year at a fair rental rate.Liz had the following items of income and expense during the current year. Income:
 Gross salary and commissions from Ace  Corporation $50,000 Rent received from tenant in Liz’s rental house 13,000 Dividends received on her portfolio of stocks 5,000\begin{array}{|l|c|}\hline\text { Gross salary and commissions from Ace }\\\text { Corporation }&\$50,000\\\hline \text { Rent received from tenant in Liz's rental house } & 13,000 \\\hline \text { Dividends received on her portfolio of stocks } & 5,000 \\\hline\end{array} Expenses:
 Interest and property taxes on her own home 9,000 Taxes, interest and repair expenses on rental house 3,500 Depreciation expense on rental house 2,300\begin{array} { | l | l | } \hline\text { Interest and property taxes on her own home } & 9,000 \\\hline \text { Taxes, interest and repair expenses on rental house } & 3,500 \\\hline \text { Depreciation expense on rental house } & 2,300 \\\hline\end{array} What is her adjusted gross income for the year?


A) $64,300
B) $53,200
C) $62,200
D) $68,000

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