Elise is a self-employed business consultant who operates her business out of an office in her home. The home office passes the qualifying tests for deducting office in the home expenses. For the current tax year, Elise earns $90,000 from her business activities. She incurs $82,000 in supplies, travel expenses, wage expense, etc. Elise's mortgage interest and real estate taxes allocable to the home office space were determined to be $9,000. Also, other expenses including insurance, repairs and maintenance, utilities, and depreciation allocable to the home office space total $11,000. How much of the other expenses (insurance, repairs, etc.) can Elise deduct?
A) $- 0 -
B) $2,000
C) $8,000
D) $9,000
E) $11,000
Correct Answer:
Verified
Q84: Karen owns a vacation home in Door
Q85: Tom and RoseMary own a cabin
Q86: Generally income tax accounting methods are designed
Q87: Marlene is a single taxpayer with
Q88: Michelle is a bank president and a
Q90: Mike and Pam own a cabin
Q91: Generally income tax accounting methods are designed
Q92: Landis is a single taxpayer with
Q93: Safina is a high school teacher. She
Q94: Girardo owns a condominium in Key
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents