Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other than home office expenses, a total of $5,600. The following home-related office under the actual expense method for calculating home office expenses other work-related tasks. Her business expenses, expenses have been allocated to her home
Real property taxes $ 1,600
Interest on home mortgage $ 5,100
Operating expenses of home $800
Depreciation $1,600
Also, assume that not counting the sole proprietorship, Rita's AGl is $60,000
Assume Rita's consulting business generated $13,000 in gross income for the current year Further, assume actual expense method for computing her home office expense deduction.
+3
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Home » Business » Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other than home office expenses, a total of $5,600.