Question
Alice Johnson a secretary. She is single and lives in Florida. She has hired you to prepare her tax return. Calculate using the information provided
Alice Johnson a secretary. She is single and lives in Florida. She has hired you to prepare her tax return. Calculate using the information provided below Alice Johnson Taxable Income for 2018.
Alice's 2018 taxable income is determined below:
Salary 172,000
Municipal bond interest 2,600
Bank account interest 4,600
Alimony received 48,000
Capital gain on an asset held less than one year 6,000
Rental income from residential rental house 25,000
Expenses/losses:
Interest on principal residence 16,000
Real estate taxes on principal residence 2,000
Capital loss on an asset held less than one year 14,000
Expenses related to rental property
Mortgage interest 12,000
Repairs 4,800
Taxes 1,400
Depreciation 2,400
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