Can you give an full explaination? Kelvin owns and lives...
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Can you give an full explaination?
Kelvin owns and lives in a duplex. He rents the other unit for $820 per month. He incurs the following expenses during the current year for the entire property Mortgage interest Property taxes Utilities Fixed light fixture in rental unit Fixed dishwasher in personal unit Painted entire exterior Insurance Depreciation (entire structure) $7,850 2,280 1,960 130 320 1,280 2,600 7,100 How are the above income and expenses reported on Kelvin's tax return? (Enter a Schedule E expense as a negative number.) Personal Schedule Schedule Income Mortgage interest Property taxes Us Fix light ront) Fix dishwasher Paint exterior Insurance
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