Question: 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
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 collects 35000 whole year rent, total expenses 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 standard deduction)?
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