Question

Dr. George E. Beeper is a single taxpayer. He lives at 45 Mountain View Dr., Apt. 321, Spokane, WA 99210. Dr. Beeper’s Social Security number is 775-88-9531. Dr. Beeper works for the Pine Medical Group, and his earnings and income tax with-holding for 2014 are:
Earnings from Pine Medical............ $116,000
Federal tax withheld............... 25,000
State tax withheld................ 0
Dr. Beeper owns a rental house located at 672 Lake Street, Spokane, WA 99212. The house rents for $1,000 per month and was rented for the entire year. The following are the related expenses for the rental house
Real estate taxes............... . $ 3,500
Mortgage interest............... 12,500
Insurance................... 900
Depreciation (assume fully depreciated)........ 0
Gardening.................. 1,000
Repairs.................... 600
Maintenance................. 3,636
The house was purchased on July 5, 1980. Dr. Beeper handles all rental activities (e.g., rent collection, finding tenants, etc.) himself. During May 2014, Dr. Beeper transferred $67,000 out of his Section 401(k) plan from a former employer (Elm Medical Group) to an individual retirement account with the Spokane State Bank. The transfer was made directly from the Section 401(k) plan trustee to the bank.
Required:
Complete Dr. Beeper’s federal tax return for 2014. Use Form 1040, Schedule E, and Form 8582 on Pages 4-51 through 4-55 to complete this tax return. Do not complete Form 4562 for reporting depreciation. Make realistic assumptions about any missing data.


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  • CreatedJuly 16, 2015
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