RECOMMENDED!!Ida is engaged in a not-for-profit (hobby)
Ida is engaged in a not-for-profit (hobby) activity. She uses 15% of her home for the hobby. The income and expenses of the activity are as follows.Gross income $3,000Subtract: Real estate taxes (15% of residence)$450Home mortgage interest (15% of residence)900Insurance400Utilities750Maintenance300Depreciation on an automobile700Depreciation on a machine200Loss $(700)Ida also had income from Wages of $87,000. Her Itemized deductions include:Real estate taxes (85% of total)$2,250Home mortgage interest (85% of total)5,100What is Ida’s AGI?What are Ida’s total Itemized deductions?
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