Alex, who is single, conducts an activity in 2018 that is appropriately classified as a...
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Accounting
Alex, who is single, conducts an activity in 2018 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 Alex's taxable income assuming he has not other itemized deductions. The standard deduction for single taxpayers is $12,000. Taxable income: $_________
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