Kelvin owns and lives in a duplex. He rents the other unit for $700 per month. He incurs the following expenses during the current year for the entire property:
Mortgage interest $7,250
Property taxes 1,800
Utilities 1,300
Fixed light fixture in rental unit 75
Fixed dishwasher in personal unit 200
Painted entire exterior 950
Insurance 1,500
Depreciation (entire structure) 6,000How are the above income and expenses reported on Kelvin’s tax return? On what tax form(s) are these amounts reported?
Personal Schedule A Schedule E
Income Mortgage interest Property taxes Utilities Fix light (rental) Fix dishwasher Paint exterior Insurance Depreciation $ $