Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In 2014, Jen, a single individual, reported the following items of income and deduction: Salary $ 160,000 Interest Income $ 15,000 Long-term capital gain from
| In 2014, Jen, a single individual, reported the following items of income and deduction: | ||||||||||
| Salary | $ 160,000 | |||||||||
| Interest Income | $ 15,000 | |||||||||
| Long-term capital gain from sale of stock | $ 19,000 | |||||||||
| Short-term capital gain from sale of stock | $ 16,000 | |||||||||
| Loss from Passive rental real estate activity | $ 16,000 | |||||||||
| Interest expense on loan to purchase stock | $ 21,000 | |||||||||
| Qualified residence interest on residence | $ 14,000 | |||||||||
| Charitable Contributions | $ 4,500 | |||||||||
| Property taxes on residence | $ 5,500 | |||||||||
| Tax return preperation fees | $ 2,500 | |||||||||
| Unreimbursed employee busines expenses | $ 2,400 | |||||||||
| What is Jen's taxable income in 2014? | ||||||||||
| Salary | ||||||||||
| Interest income | ||||||||||
| Net long-term capital gain | ||||||||||
| Adjusted gross income | ||||||||||
| The passive loss exemption for real estate is | ||||||||||
| Itemized Deductions | ||||||||||
| Miscellaneous itemized deductions | ||||||||||
| less 2% of AGI | ||||||||||
| Excess miscellaneous itemezed deductions | ||||||||||
| Total itemized deductions | ||||||||||
| Adjusted gross income (AGI) | $ - | |||||||||
| Minus: Deductions from AGI: | ||||||||||
| $ - | ||||||||||
| Taxable Income | $ - | |||||||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started