Julie, a teacher, creates home decor as a hobby and occasionally sells it to family and friends. She uses a spare bedroom in her house as a craft room. In 2021 she had the following financial items related to her hobby: Sales Revenue $4,000 Supplies 800 Mortgage Interest 1,200 Property Taxes 1,800 How much income is included in Julie's gross income? How much can Julie claim as itemized deductions on Schedule A?

Julie, a teacher, creates home decor as a hobby and occasionally sells it to family and friends. She uses a spare bedroom in her house as a craft room. In 2021 she had the following financial items related to her hobby: Sales Revenue $4,000 Supplies 800 Mortgage Interest 1,200 Property Taxes 1,800 How much income is included in Julie's gross income? How much can Julie claim as itemized deductions on Schedule A?

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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