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
Subject:LawPrice: Bought3
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.)