Moose received a Form W-2 for $60,000 which showed his federal income tax withheld amount was $7,000. Suzie has a residential rental property (cost basis $270,000) which was rented for the whole year for $2,000 per month.
Moose received a Form W-2 for $60,000 which showed his federal income tax withheld amount was $7,000. Suzie has a residential rental property (cost basis $270,000) which was rented for the whole year for $2,000 per month.
Chapter3: Income Sources
Section: Chapter Questions
Problem 37P
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- Moose received a Form W-2 for $60,000 which showed his federal income tax withheld amount was $7,000.
- Suzie has a residential rental property (cost basis $270,000) which was rented for the whole year for $2,000 per month.
- Property taxes on the residential rental property: $3,700 and property insurance: $1,785.
- Suzie spent $500 fixing the sprinklings system and $5,000 for a new roof after a hailstorm.
- Moose got lucky and won $4,000 gambling on a trip to Las Vegas.
- Suzie sold her old car for $4,000. She had originally paid $8,000 for it.
- She also sold a parcel of land for $7,500 on March 7, 2022. She purchased it on January 5th of 2000 for $5,000.
What is the taxable income?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT