1 Chapter 8 TRP 8-2 20 points eBook Files Print References Assume the taxpayer does NOT...

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1 Chapter 8 TRP 8-2 20 points eBook Files Print References Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Warren and Young Kim are married taxpayers, filing jointly. They live at 777 Kingston Place, Anaheim, CA 92805. They are both retired. Their SSNs are Warren, 412-34-5670; and Young, 412-34-5671. Their birth dates are as follows: Warren, January 8, 1951; and Young, August 21, 1951. They own their home, which they paid off in 2012, and another home that they paid for in cash as an investment (Warren considers it his pension). Their investment home was rented for the entire year and is located just one block over at 9021 Jasmine Way. The following income and expense information relates to the rental activity. For the purpose of this return problem, do not consider passive activity rules or limitations. Rental income Real estate taxes Utilities Mortgage interest Repairs and maintenance Depreciation $ 27,600 7,952 1,603 -0- 3,616 See following information They placed the rental home into service on March 1, 2015, and of the $515,000 purchase price, $426,000 was allocated to the land. In addition to the rental, they received interest of $1,086 from American Credit Union and $2,200 from Bank of California. Social Security benefits were $13,910 for Warren and $8,822 for Young, respectively. Check my work 1 Chapter 8 TRP 8-2 20 points eBook Files Print References Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Warren and Young Kim are married taxpayers, filing jointly. They live at 777 Kingston Place, Anaheim, CA 92805. They are both retired. Their SSNs are Warren, 412-34-5670; and Young, 412-34-5671. Their birth dates are as follows: Warren, January 8, 1951; and Young, August 21, 1951. They own their home, which they paid off in 2012, and another home that they paid for in cash as an investment (Warren considers it his pension). Their investment home was rented for the entire year and is located just one block over at 9021 Jasmine Way. The following income and expense information relates to the rental activity. For the purpose of this return problem, do not consider passive activity rules or limitations. Rental income Real estate taxes Utilities Mortgage interest Repairs and maintenance Depreciation $ 27,600 7,952 1,603 -0- 3,616 See following information They placed the rental home into service on March 1, 2015, and of the $515,000 purchase price, $426,000 was allocated to the land. In addition to the rental, they received interest of $1,086 from American Credit Union and $2,200 from Bank of California. Social Security benefits were $13,910 for Warren and $8,822 for Young, respectively. Check my work