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Compute donna taxable income

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Reference no: EM132513840

During the current year, Donna, a single taxpayer (divorced in 2019), reports the following items of income and exPenses:

Income: Salary $86,000

Municipal bond interest: $ 1,300

Bank account interest: $ 2,300

Alimony received: $24,000

Capital gain on an asset held less than one year : $ 3,000

Rental income from residential rental house $12,500

Expenses/losses:

Interest on principal residence: $ 8,000

Real estate taxes on principal residence: $ 1,000

Capital loss on an asset held less than one year: $ 7,000

Expenses related to rental property

Mortgage interest: $ 6,000

Repairs $ 2,400

Taxes $ 700

Depreciation $ 1,200

Question 1: Compute Donna's taxable income. (Show all calculations in good form.)

Reference no: EM132513840

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