Liz,who is single,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:
Expenses:
What is her adjusted gross income for the year?

Question

Liz,who is single,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:
 Expenses:
 What is her adjusted gross income for the year?

Quizplus · Accepted Answer

C)Liz has gross income of $68,000 (all of the income is included).Only the rental property expenses qualify as for AGI deductions.AGI = $68,000 - $3,500 taxes,interest and repairs - $2,300 depreciation = $62,200

Liz,who Is Single,lives in a Single Family Home and Owns