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Marsellus and Mia have a married niece, Yolanda (age 26), who lives and works in San Francisco, CA. When Yolandas husband went to jail for
- Marsellus and Mia have a married niece, Yolanda (age 26), who lives and works in San Francisco, CA. When Yolandas husband went to jail for a botched coffee shop robbery in the middle of the CTY, they decided to help Yolanda financially until she could get a higher paying job. They paid her mortgage payments for November and December. The payments included property taxes of $800 and interest of $1,200.
- For the prior tax year, Marsellus and Mia had a Federal income tax overpayment of $55 that they applied toward their current year tax liability. Mias income tax withholdings for the CTY are $12,000 (Federal) and $3,200 (state). Marsellus made quarterly payments of $30,000 (Federal) and $10,000 (state) for a total of $120,000 (Federal) and $40,000 (state).
- Marsellus and Mia do not have any foreign bank accounts or trusts, and they dont wish to donate to the presidential election campaign. For the past several years, they have itemized their deductions. They do not have investments in any virtual currency (e.g. Bitcoin).
Mia is filing jointly with her husband Marsellus using the cash basis. How do you treat these activities on their joint 2019 tax return and what tax forms should be used?
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