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Alex, who is single, conducts an activity in the current year that is appropriately classified as a hobby. The activity produces the following revenues and expenses: Without regard to this activity, Alex's AGI is $62,000. Determine the amount of income Alex must report and the amount of the expenses he is permitted to deduct. Assume Alex itemizes his deductions. Reportable income: $ Deductible expenses: \$.

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Alex, who is single, conducts an activity in the current year that is appropriately classified as a hobby. The activity produces the following revenues and expenses: Without regard to this activity, Alex's AGI is $62,000. Determine the amount of income Alex must report and the amount of the expenses he is permitted to deduct. Assume Alex itemizes his deductions. Reportable income: $ Deductible expenses: $

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  • 1. Alex, who is single, conducts an activity in the current year that is appropriately classified as a hobby. The activity produces the following revenues and expenses: Without regard to this activity, Alex's AGI is $62,000. Determine the amount of income Alex must report and the amount of the expenses he is permitted to deduct. Assume Alex itemizes his deductions. Reportable income: $ Deductible expenses: $