Question

During the current year, Donna, a single taxpayer (divorced in 2019), reports the following items of...

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

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

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