Compute a schedule of deductible expenses related to the following hobby: Income-$23,000 Mortgage interest and property taxes

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Compute a schedule of deductible expenses related to the following hobby:
Income-$23,000
Mortgage interest and property taxes allocable to hobby-$12,000
Depreciation-$4,000
Supplies and fees-$7,000
Telephone for hobby-$3,000

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Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Question Posted: Dec 22, 2017 07:29 AM

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Compute a schedule of deductible expenses related to the following hobby: Income-$23,000 Mortgage interest and property taxes

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As per Sec 183 taxpayers are allowed to deduct expenses related to the h...View the full answer

Income Tax Fundamentals 2013

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