Reference no: EM13887815
During 2015, Kent, a 40-year-old taxpayer, reports the following items of income and expense:
Income:
Salary $150,000
Dividends from Alta Corporation $800
Interest income from a savings account $1,500
Rental income from a small apartment he owns $8,000
Expenses:
Medical $6,000
Interest on a principal residence $7,000
Real property taxes on the principal residence $4,300
Charitable contributions $4,000
Casualty loss- personal $6,100
Miscellaneous itemized deductions $1,200
Loss from the sale of Delta Corporation stock (held for two years) $2,000
Expenses incurred on the rental apartment:
Maintenance $500
Property taxes $1,000
Utilities $2,400
Depreciation $1,700
Insurance $800
Alimony payments to former wife $10,000
Assuming all of these items are deductible and that the amounts are before any limitations, what is Kent's taxable income for the year?
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