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Georgie has gross in

Georgie has gross in

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Georgie has gross income of $5,000 from an activity that has been deemed to be a hobby by the IRS. Her expenses related to the activity include property taxes of $3,000, operating expenses of $1,500, and depreciation expense of $800. What would be Georgie's deductible expenses for the year and where would they be taken? $3.000 Schedule C (Profit or Loss from Business) $5,000 Schedule C (Profit or Loss from Business) $5.300 Schedule C (Profit or Loss from Business) $5.000 Schedule A (Itemized Deductions) $3.000 Schedule A (Itemized Deductions)
Transcribed Image Text:Georgie has gross income of $5,000 from an activity that has been deemed to be a hobby by the IRS. Her expenses related to the activity include property taxes of $3,000, operating expenses of $1,500, and depreciation expense of $800. What would be Georgie's deductible expenses for the year and where would they be taken? $3.000 Schedule C (Profit or Loss from Business) $5,000 Schedule C (Profit or Loss from Business) $5.300 Schedule C (Profit or Loss from Business) $5.000 Schedule A (Itemized Deductions) $3.000 Schedule A (Itemized Deductions)
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