question archive During the current year, Donna, a single taxpayer (divorced in 2019), reports the following items of income and expenses:   Income:      Salary                                                                        $86,000      Municipal bond interest                                               1,300      Bank account interest                                                   2,300      Alimony received                                                       24,000      Capital gain on an asset held less than one year          3,000      Rental income from residential rental house             12,500 Expenses/losses:      Interest on principal residence                                     8,000      Real estate taxes on principal residence                      1,000      Capital loss on an asset held less than one year          7,000      Expenses related to rental property            Mortgage interest                                                   6,000            Repairs                                                                   2,400            Taxes                                                                         700            Depreciation                                                           1,200   Compute Donna's taxable income

During the current year, Donna, a single taxpayer (divorced in 2019), reports the following items of income and expenses:   Income:      Salary                                                                        $86,000      Municipal bond interest                                               1,300      Bank account interest                                                   2,300      Alimony received                                                       24,000      Capital gain on an asset held less than one year          3,000      Rental income from residential rental house             12,500 Expenses/losses:      Interest on principal residence                                     8,000      Real estate taxes on principal residence                      1,000      Capital loss on an asset held less than one year          7,000      Expenses related to rental property            Mortgage interest                                                   6,000            Repairs                                                                   2,400            Taxes                                                                         700            Depreciation                                                           1,200   Compute Donna's taxable income

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During the current year, Donna, a single taxpayer (divorced in 2019),

reports the following items of income and expenses:
 
Income:
     Salary                                                                        $86,000
     Municipal bond interest                                               1,300
     Bank account interest                                                   2,300
     Alimony received                                                       24,000
     Capital gain on an asset held less than one year          3,000
     Rental income from residential rental house             12,500
Expenses/losses:
     Interest on principal residence                                     8,000
     Real estate taxes on principal residence                      1,000
     Capital loss on an asset held less than one year          7,000
     Expenses related to rental property
           Mortgage interest                                                   6,000
           Repairs                                                                   2,400
           Taxes                                                                         700
           Depreciation                                                           1,200
 
Compute Donna's taxable income. (Show all calculations in good form.)

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