Solution-Determine the amount of income alex must report

Determine the amount of income alex must report

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Reference no: EM13554547

Alex, who is single, conducts an activity that is appropriately classified as a hobby. The activity produces the following revenues and expenses: Revenue $18,000 Property taxes 3,000 Materials and supplies 4,500 Utilities 2,000 Advertising 5,000 Insurance 750 Depreciation 4,000

Without regard to this activity, Alex's AGI is $42,000. Determine the amount of income Alex must report, the amount of the expenses he is permitted to deduct, and his taxable income.

Reference no: EM13554547

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Determine the amount of income alex must report

Reference no: EM13554547

Reference no: EM13554547

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