O is employed as a salesperson and spends most of the time working in her home office. Her office occupies 10% of the total space in her home. She paid the following expenses in the current year: Utilities $4,800; House insurance $1,800; Mortgage interest $13,000; Property taxes $6,800; Repairs & maintenance $2,600. What is the maximum deduction from employment income for tax purposes available to o in the current year, assuming she received $60,000 of commission income? Note: Do not place a minus sign in front of the amount. $

O is employed as a salesperson and spends most of the time working in her home office. Her office occupies 10% of the total space in her home. She paid the following expenses in the current year: Utilities $4,800; House insurance $1,800; Mortgage interest $13,000; Property taxes $6,800; Repairs & maintenance $2,600. What is the maximum deduction from employment income for tax purposes available to o in the current year, assuming she received $60,000 of commission income? Note: Do not place a minus sign in front of the amount. $

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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