Kelvin owns and lives in a duplex. He rents the other unit for $680 per month....

Kelvin owns and lives in a duplex. He rents the other unit for $680 per month. He incurs the following expenses during the current year for the entire property:


Mortgage interest	$	7,150
Property taxes		1,720
Utilities		1,180
Fixed light fixture in rental unit		65
Fixed dishwasher in personal unit		180
Painted entire exterior		890
Insurance		1,300
Depreciation (entire structure)		5,800

Required:

How are the above income and expenses reported on Kelvin’s tax return? (Enter Schedule E expense as a negative number.)

Expert Solution

Particulars	Amount
Rent income from other unit	8,160
Mortgage interest	(7,150)
Property taxes	(1,720)
Utilities	(1,180)
Fixed light fixture in rental unit	(65)
Painted entire exterior	(890)
Insurance	(1,300)
Depreciation (Entire structure)	(5,800)
Passive loss	(9,945)

The deduction of Fixed dishwasher in personal unit is not included in Schedule E

ekkarill92 answered 2 years ago

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