The Vance's' owned a rental property which they bought in 2009 for $155,000. Since January 1 of 2014 the Vances were lucky enough to have the same tenant because it made it easy to manage the property. They received $700 in monthly rent for the year. They had the following expenses during the year: Property Insurance Property Taxes Maintenance Utilities Depreciation Landscaping $500 $800 $465 $275 $4,870 $300 Paul and Judy have the following receipts for expenses during 2018: $376 $2,468 $15 $4,762 $8,250 $595 $3,080 $150 $325 $500 Prescription medicine and drugs Doctor Bills Penalty for underpayment of prior year Federal tax Real estate taxes on personal residence Interest on Home Mortgage Interest on Car Loan (Judy) Cash Contributions to Synagogue Payroll deduction for Contribution to United Way Professional Dues and Journals (Judy) Fee for preparation of tax returns The Vances filed their 2017 federal, state and local returns on April 1. They paid the following additional taxes with their returns: Federal income taxes $630, State Income Taxes $250 and city income tax They also paid estimated taxes during 2018 in the amount of $36,000 in Federal Taxes, $1,200 in State Taxes and $600 in city taxes. All estimated taxes were paid by December 31. es of $75. Required: What is the Vance's Tax Due or Refunded for the year? The Vance's' owned a rental property which they bought in 2009 for $155,000. Since January 1 of 2014 the Vances were lucky enough to have the same tenant because it made it easy to manage the property. They received $700 in monthly rent for the year. They had the following expenses during the year: Property Insurance Property Taxes Maintenance Utilities Depreciation Landscaping $500 $800 $465 $275 $4,870 $300 Paul and Judy have the following receipts for expenses during 2018: $376 $2,468 $15 $4,762 $8,250 $595 $3,080 $150 $325 $500 Prescription medicine and drugs Doctor Bills Penalty for underpayment of prior year Federal tax Real estate taxes on personal residence Interest on Home Mortgage Interest on Car Loan (Judy) Cash Contributions to Synagogue Payroll deduction for Contribution to United Way Professional Dues and Journals (Judy) Fee for preparation of tax returns The Vances filed their 2017 federal, state and local returns on April 1. They paid the following additional taxes with their returns: Federal income taxes $630, State Income Taxes $250 and city income tax They also paid estimated taxes during 2018 in the amount of $36,000 in Federal Taxes, $1,200 in State Taxes and $600 in city taxes. All estimated taxes were paid by December 31. es of $75. Required: What is the Vance's Tax Due or Refunded for the year