Facts Janet and Jill Franklin are a married filing jointly couple who live at 10500 Taba Cove Ct, Fairfax, Virginia 22030 after purchasing it on Jan 1, 2018 They paid $1 million dollars with a $200,000 down payment They have a 30 year fixed loan with 4 25 interest Their principal and interest payments totals $4,000 month with $3,200 for interest and $800 for principal They have $725 month in property taxes and $150 month in homeowner association dues Finally, they pay $250 month in homeowner insurance Janet is a lawyer and received a W 2 with 175,000 salary and 25,000 in withholding Jill is working part time and received a W 2 with 30,000 salary and 3,000 in withholding Together, they owe Virginia over $10,000 in income taxes Janet purchased a Virginia bond for $10,000 and earned 3 interest in 2019 They earned 2 5 interest on a CD worth $10,000 at Discover Bank For the full year, they invested $45,000 in the S P 500 index, which has a dividend yield of 1 5 Excited for the launch of a new iPhone, they bought 100 shares of Apple stock at $221 share on 9 12 19 Disappointed by the look of the new iPhone, they sold their 100 shares for $225 share on 9 13 19 They each contributed $6,000 to their Roth IRAs They also donated $500 worth of clothing to Goodwill and $150 to their incumbent U S House representative Jill has a $25,000 student loan with interest rate at 6 She is currently studying for the bar exam and enrolled in a review course for $800 Jill has recently been in poor health and had frequent overnight visits to the hospital She had medical expenses of $89,000 and insurance paid for $79,000 so out of pocket was $10,000 On Jan 1, 2019, Janet and Jill also rented out their old house for $2,000 month at 3880 Chain Bridge Rd, Fairfax, VA 22030 Their mortgage is $2,000 month with $500 for principal and $1,500 for interest They have expenses of $400 month property taxes, $70 month insurance, and $15 month homeowners association dues Assume their tenant pays other expenses and no other expenses are deductible (do not consider depreciation)

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Facts: Janet and Jill Franklin are a married filing jointly couple who live at 10500 Taba Cove Ct, Fairfax, Virginia 22030 after purchasing it on

Facts:

Janet and Jill Franklin are a married filing jointly couple who live at 10500 Taba Cove Ct, Fairfax, Virginia 22030 after purchasing it on Jan 1, 2018.
They paid $1 million dollars with a $200,000 down payment. They have a 30 year fixed loan with 4.25% interest. Their principal and interest payments totals $4,000/month with $3,200 for interest and $800 for principal. They have $725/month in property taxes and $150/month in homeowner association dues. Finally, they pay $250/month in homeowner insurance.
Janet is a lawyer and received a W-2 with 175,000 salary and 25,000 in withholding.
Jill is working part-time and received a W-2 with 30,000 salary and 3,000 in withholding.
Together, they owe Virginia over $10,000 in income taxes.
Janet purchased a Virginia bond for $10,000 and earned 3% interest in 2019.
They earned 2.5% interest on a CD worth $10,000 at Discover Bank.
For the full year, they invested $45,000 in the S&P 500 index, which has a dividend yield

of 1.5%.
Excited for the launch of a new iPhone, they bought 100 shares of Apple stock at

$221/share on 9/12/19. Disappointed by the look of the new iPhone, they sold their 100

shares for $225/share on 9/13/19.
They each contributed $6,000 to their Roth IRAs.
They also donated $500 worth of clothing to Goodwill and $150 to their incumbent U.S.

House representative.
Jill has a $25,000 student loan with interest rate at 6%. She is currently studying for the

bar exam and enrolled in a review course for $800.
Jill has recently been in poor health and had frequent overnight visits to the hospital.

She had medical expenses of $89,000 and insurance paid for $79,000 so out-of-pocket was $10,000.

On Jan 1, 2019, Janet and Jill also rented out their old house for $2,000/month at 3880 Chain Bridge Rd, Fairfax, VA 22030. Their mortgage is $2,000/month with $500 for principal and $1,500 for interest. They have expenses of $400/month property taxes, $70/month insurance, and $15/month homeowners association dues. Assume their tenant pays other expenses and no other expenses are deductible (do not consider depreciation).