Question
33. Hannah and Brian, a married couple filing jointly, have the following items that may affect their taxable income. Hannah owns and operates a hair
33. Hannah and Brian, a married couple filing jointly, have the following items that may affect their taxable income. Hannah owns and operates a hair salon. Brian owns and operates a real estate company. (12 pts) Hannahs sch c business income 70,000 Brians sch c business income 80,000 Hannahs Interest Income 10,500 Hannahs ST Gain on the sale of a stock 14,000 Brians ST Loss on the sale of a stock (15,000) Hannahs LT Gain on the sale of a stock 10,000 Hannahs LT Loss on the sale of stock (3,000) Brians LT Loss on the sale of stock (8,000) Hannahs Total Ordinary Dividends Brians Interest on Student Loans 4,000 1,000 Hannahs allowable itemized deductions 21,500 Brians allowable itemized deductions 12,000 In addition to the above, Brian owns a beach front rental condo that generated $20,000 of rental revenue last year and had 50,000 of total expenses including depreciation. The condo is rented 300 days a year. It was not used personally in 2020. Answer each of the following as if they were to each file separate and if they file jointly. Some entries may be $0. Hanna MFS Brian MFS MFJ Allowed Rental Loss ___________ ___________ ___________ QBI Deduction ___________ ___________ ___________ Taxable Income ___________ ___________ ___________ Total Tax Liability ___________ ___________ ___________
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