Bruce collected $6,000.00 per month for Six months (July â€” December) in rental income on 581 Atlantic Avenue. For 2015 Bruce paid mortgage interest of $12,200, real estate taxes of $6,750.00 and insurance of $1,460.00. Bruce paid no other expenses in 2015 for 581 Atlantic Avenue. The property was placed in service on July 01, 2015. Other Rental Income and Expenses: Pinebrook Property Avenue A Property Rental Income $30,000.00 $ 53,000.00 Mortgage Interest Expense $8,000.00 $9,950.00 Real Estate Taxes $5,100.00 $7,450.00 Utilities $1,200.00 $3,600.00 Insurance $1,500.00 $3,500.00 Water & Sewer $1,075.00 $1,800.00 Place in Service 01/01/2005 01/01/2015 Purchase Price $449,000.00 $765,000.00 Bruce and Alice 2015 W-2 statement shows the following wages and withholdings: Bruce m 1) Wages $59,500 $33,500 2) FWT $8,000 3,500 3) SWT 4,500 2,900 4) CWT 3,100 1,500 The Jones also paid the following personal expenses in 2015: a. Contributions to Museum of Modern Art: i. Cash $11,000 ii. JP Morgan Chase Stock -FMV $78,000 (Long Term) -A/B $60,000 b. Real Estate Taxes on primary residence $12,200 c. Mortgage Interest on primary residence $11,600 d. Unreimbursed medical expenses $10,500 e. Student loan Interest $2,800 Instructions: Make realistic assumptions about any missing or inconsistent data and state your assumptions on a separate typed schedule. Required: Prepare form 1040, including all schedules and forms. (Do not prepare NYS or NYC tax returns). All work must be typed onto approved IRS forms (no hand written forms will be accepted). Read chapter 8 to determine how to handle depreciation/amortization and IRC section 179.
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This question was created from Spring 2017 Tax Project 2 rev.02.pdf https://www.coursehero.com/file/22328239/Spring-2017-Tax-Project-2-rev02pdf/?focusQaId=10559091
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