Question
Sarah and John are married and planning on filing Form 8960 for Net Investment Income Tax. Their Modified AGI is $235,300 and they have net
Sarah and John are married and planning on filing Form 8960 for Net Investment Income Tax. Their Modified AGI is $235,300 and they have net capital gains of $8,000. Their Taxable interest is $400. Their ordinary dividend is $1,700. Sarah earned 20,000 in rent between March and December 2017. Sarah started renting her condo after moving in with John and her basis in the condo was $200,000. Her expenses associated with the condo were:
Maintenance fees $600
Homeowner association dues $600
Mortgage interest $1,500
Property Tax $ 500
Depreciation on Mortgage 5,758
How much is NIIT?
*Use form 8960 to fill out the amount of NIIT
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