Question: need help solve this problem Alex, who is single, conducts an activity in 2019 that is classified as a hobby. The activity produces the following

need help solve this problem Alex, who is single, conducts an

need help solve this problem

Alex, who is single, conducts an activity in 2019 that is classified as a hobby. The activity produces the following revenues and expenses. Revenue Property taxes Materials and supplies Utilities $18,000 3,000 4,500 2,000 5,000 750 4,000 Advertising Insurance Depreciation Without regard to this hobby, Alex's AGI is $42,000. Determine the amount of gross income that Alex must report and the amount of expenses he is permitted to deduct. Assume Alex itemizes his deductions. Reportable income: $ Deductible expenses: $

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