Georgie has gross in
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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