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Stephen and Joy Own a Duplex in Newport Beach,CA

question 99

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Stephen and Joy own a duplex in Newport Beach,CA.They live in one unit and rent the other to another couple.Their rental income for the year was $24,000.They incurred the following expenses for the entire duplex: Stephen and Joy own a duplex in Newport Beach,CA.They live in one unit and rent the other to another couple.Their rental income for the year was $24,000.They incurred the following expenses for the entire duplex:   What amount of net income from the duplex should Stephen and Joy report for the current year? A) $7,300 B) $24,000 C) $16,700 D) $9,400 What amount of net income from the duplex should Stephen and Joy report for the current year?


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