Kelvin owns and lives in a duplex. He rents the other unit for $680 per month. H
ID: 2496576 • Letter: K
Question
Kelvin owns and lives in a duplex. He rents the other unit for $680 per month. He incurs the following expenses during the current year for the entire property:
Mortgage interest $7,150
Property taxes 1,720
Utilities 1,180
Fixed light fixture in rental unit 65
Fixed dishwasher in personal unit 180
Painted entire exterior 890
Insurance 1,300
Depreciation (entire structure) 5,800
How are the above income and expenses reported on Kelvin’s tax return? On what tax form(s) are these amounts reported?
Explanation / Answer
Kelvin owns and lives in a duplex. He rents the other unit for $680 per month. H
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