elaborate over this example: single taxpayer no dependent, only source of income is collecting rent form...

 

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elaborate over this example: single taxpayer no dependent, only source of income is collecting rent form his 2 family house. he lives in one floor and he rents the other. he ccollects 35000 whole year rent, total eexpenses that include mortgage, real estate taxes, and maintenances are 15000. remember this is considered 50% household income. provide the name of the forms that needs to use in order to complete this tax return? provide the actual number that will be shown in the 1040? provide the taxable income ( total income minus sstandard deduction)? Denku elaborate over this example: single taxpayer no dependent, only source of income is collecting rent form his 2 family house. he lives in one floor and he rents the other. he ccollects 35000 whole year rent, total eexpenses that include mortgage, real estate taxes, and maintenances are 15000. remember this is considered 50% household income. provide the name of the forms that needs to use in order to complete this tax return? provide the actual number that will be shown in the 1040? provide the taxable income ( total income minus sstandard deduction)? Denku

Answer rating: 100% (QA)

Answer A Forms 1040 and 1040ES are should have been utilized so as to complete the tax return Form 1... View the full answer