Question: David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He
David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $41,500. Other information follows: Income from consulting business $ 4,175 Consulting expenses other than home office 1,640 Total costs relating to home: Interest and taxes 6,605 Utilities 1,570 Maintenance and repairs 485 Depreciation (business part only) 1,675 Required: Calculate Davids AGI.
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