Jake runs a business out of his home. He uses 500 square feet of his home exclusively for the business. His home is 2,00

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Jake Runs A Business Out Of His Home He Uses 500 Square Feet Of His Home Exclusively For The Business His Home Is 2 00 1 (27.7 KiB) Viewed 42 times

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 $28,500 of business revenue and $23,300 of business expenses from his home-based business. The following expenses relate to his home: Mortgage interest Real estate taxes Utilities Insurance Repairs Depreciation on business-use portion of home) $ 9,940 1,550 2,520 650 2,280 1,165 What is Jake's net income from his business? What amount of expenses is carried over to the following year, if any? Multiple Choice $0 and $200 carryover ($200) and SO carryover ($12,905) and $0 carryover $965 and $0 carryover