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