Tax Return
Do not worry about the potential income limits on the applications to Schedule A.
1. Marital Status – All tax returns are Married Filing Joint
2. Age – 35
3. Spouse Age – 53
4. Children – you have 14 dependents
5. Wages –
a. You are a CPA in your first job earning $125,000
b. barista at Starbucks in your second job– 16,250
6. Spouses Wages – your spouse earns $44,900 as a salesperson
7. Interest – 12,350 paid by Bank of America
8. State Income Tax – take your wages and multiply by 12%
9. Real Estate Taxes – $43,957 (Actual Dollar Amount)
10. Personal Property Taxes – $9,750 (Actual Dollar Amount)
11. Point paid on the mortgage – $1450 (Actual Dollar Amount
12. Mortgage Interest from Form 1098 – 16,750
13. Charitable Gifts
a. Cash
i. paid to United Way – 9,331
ii. donated each week at church $75 every other week
b. Other than Cash (Form 8283) –
i. Donations to Goodwill of various household items- 2,312
14. You have an accident in your home where you spill hot coffee on your stamp collection that you received from your grandmother. The collection has a basis of $75,500.
15. You also lost while swimming the Ohio river a fake Rolex watch that cost you $750.
16. You had a car accident that totaled your car. You paid $17,500 on the car and had replacement insurance on the car that bought you a new model.
Rental Real Estate – Sch E
1. You have a rental property located at 9645 Merkner Drive, Pittsburgh, PA 15228.
a. You leased the property for the entire year to Tom Weaver and his family.
b. 3rd party payments – 48,000
c. Advertising – 397
d. Cleaning and Maintenance – 752
e. Commissions – 124
f. Management Fees – 12,000 (actual Amount)
g. Mortgage Interest – $23,400 (actual Amount)
h. Depreciation – $5,513
2. You also have a rental property at 1394 Sandfiddler Road, Virginia BEACH, VA 23060
a. Personal Use Days – 36
b. Rental Days – 243
c. 3rd party payments – $148,000
d. Advertising – $20,987
e. Cleaning and Maintenance – 1,200
f. Commissions – $14,800
g. Mortgage Interest – $30,844
h. Depreciation – $14,000
Small Business – Sch C
1. You are the sole proprietor of the business. You do not have a separate EIN or business name for the business.
2. Address is the same as your home address.
3. Cash basis
4. You DID materially participate in the business operations.
5. The business was started 1/1/09
6. No Form 1099s are required.
7. 3rd party payments – 366,546
8. Advertising – 23,500
9. Insurance – 24,500
10. Commissions – 126,500
11. Supplies – $41,000
Estimated payments withheld from paycheck each month – ZERO – no taxes were withheld. DO NOT CALCULATE THE PENALTY FOR UNDERPAYMENT OR THE INTEREST DUE ON THE RETURN.
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