scot and cindy-cash basis taxpayers. filling joint tax return for 2014. 140,000
ID: 2469554 • Letter: S
Question
scot and cindy-cash basis taxpayers. filling joint tax return for 2014.
140,000 - salary
3,000 - fed income tax withheld
60,000 - rental income
33,000 - rental expenses
15,000 - alimony paid by scott
105,000 - sale of sec. 1244 stock, help for two years at a loss
6,000 - collection of unpaid rent from 2012
5,000 - bad debt, from uncollectwd rent in 2013
6,000 - in stock became worthless after 9 months. company went bankrupt
5,000 - state income taxes
7,000 - real estate taxes on personal residence.
if scott and cindy have personal exemptions of 3,950 and standard deduction is 12,400, what is their AGI and what is their taxable income for 2014?
Explanation / Answer
Scott & Cindy Statement of income for 2014 AGI Taxable Income Salary $140,000 $140,000 Fed income tax withheld ($3,000) ($3,000) Rental Income $60,000 $60,000 Rental expenses ($33,000) ($33,000) Collection of unpaid rent from 2012 $6,000 $6,000 Sale of sec. 1244 stock $105,000 - Alimony paid by scott ($15,000) - Bad debt of 2013 ($5,000) - Stock became worthless ($6,000) - State income taxes ($5,000) ($5,000) Real estate taxes ($7,000) ($7,000) Personal exemptions ($3,950) Standard Deduction ($12,400) Total $237,000 $141,650
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