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Calculate the net income or loss

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Reference no: EM132674522

Problem - Terry is a self-employed lawyer who maintains an office in her home. The office is used exclusively for client work, and clients regularly visit her home office. The mortgage interest and real estate taxes allocated to the business use of the home amount to $2,100, and maintenance, utilities, and cleaning service allocable to the business use of the home total $1,400. If gross billings of Terry's practice are $2,900 for this year and Terry has no other expenses allocable to the business, calculate the net income or loss she may report from the practice.

Reference no: EM132674522

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