Question: Scenario 1 - Joseph Edwards Complete a Schedule E for Joseph Edwards. Joseph Edwards (SSN: 242-00-7651) is single, and he owns a single-family rental house

Scenario 1 - Joseph Edwards

Complete a Schedule E for Joseph Edwards.

Joseph Edwards (SSN: 242-00-7651) is single, and he owns a single-family rental house at 245 Bainbridge Street, Your City, Your State - Your Zip. Joseph lived in the house until 2/01/2022. He spent three months preparing the house for rental and started advertising the house for rent on 5/01/2022. Joseph's tenant signed a lease to start renting the house effective 6/01/2022. He actively participates in the management of the property. He collected rent of $4,800. He does not have any Forms 1099s that he is required to issue. Joseph's financial information for the rental house is as follows (expenses listed below are for the entire year unless otherwise stated):

Advertising Travel Cleaning (to prepare for rental) Insurance Mortgage interest Repairs (to prepare for rental) Supplies (for rental) Real estate taxes Pest control (per month May - Dec) Depreciation

$95 $85 $ 400 $ 240 $2,452 $ 479 $ 210 $ 984 $75 $1,637 for the duration of the rental period

Answer the following question based on the Schedule E you prepared for Joseph Edwards. Select the amount of insurance that Mr. Edwards can claim as an expense:

a) $240 b) $161 c) $140 d) $120

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