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

Liz's total income, including rental income, is $78,800. Her total expenses, including depreciation, are $16,600. Therefore, her adjusted gross income is $62,200 (total income minus total expenses).

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