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Question - Jake runs a business out of his home. He uses 500 square feet of his home exclusively for the business. His home is 2,000 square feet in total. Jake had $29,400 of business revenue and $24,700 of business expenses from his home-based business. The following expenses relate to his home:
Mortgage interest $9,940
Real estate taxes 1,730
Utilities 2,540
Insurance 540
Repairs 2,160
Depreciation (on business use portion of home) 573
What is Jake's net income from his business? What amount of expenses is carried over to the following year, if any?
a. ($12,783) and $0 carryover.
b. ($100) and $0 carryover.
c. $0 and $100 carryover.
d. $473 and $0 carryover.
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