Adjusted Gross Income For The Year Problem 545832

Liz, who is single, lives in a single family home and owns a second single family home that she rented for the entire year at a fair rental rate. Liz had the following items of income and expense during the current year.

Income:

Gross salary and commissions from Ace Corporation$50,000
Rent received from tenant in Liz’s rental house13,000
Dividends received on her portfolio of stocks5,000

Expenses:

Unreimbursed professional dues200
Subscriptions to newsletters recommending stocks900
Taxes, interest and repair expenses on rental house3,500
Depreciation expense on rental house2,300

What is her adjusted gross income for the year?

A) $52,700
B) $61,100
C) $62,200
D) $68,000