. expenses in 2017 for 581 Atlantic Avenue. The property was placed in service on October...

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. expenses in 2017 for 581 Atlantic Avenue. The property was placed in service on October 01, 2017. iv. Other Rental Income and Expenses for 2017 included: Pinebrook Property Rental Income Mortgage Interest Expense Real Estate Taxes V. Utilities Insurance Water & Sewer Place in Service Purchase Price Required: i. 1) Wages 2) FWT $69,000.00 $10,000.00 3) SWT 4) CWT $4,000.00 $2,000.00 $2,500.00 $1,200.00 01/01/2007 $550,000.00 Alice $50,000 Bruce and Alice 2017 W-2 statement shows the following wages and withholdings: 8,500 6,000 4,200 Avenue A Property $105,000.00 $12,000.00 (Long Term) -A/B b. Real Estate Taxes on primary residence c. Mortgage Interest on primary residence d. Student loan Interest Bruce $45,000 $8,000.00 $6,000.00 7,000 5,500 3,800 $5,000.00 $3,000.00 01/01/2016 820,000.00 The Jones also paid the following personal expenses in 2017: a. Contributions to Museum of Modern Art (a 50% Organization): i. Cash ii. JP Morgan Chase Stock -FMV Instructions: Make realistic assumptions about any missing or inconsistent data and state your assumptions on a separate typed schedule. $25,000 $42,100 $40,800 $12,300 $10,600 $3,600 iii. ii. Taxpayers wishes to use the Reduce Deduction Election for charitable donations. All work must be typed onto approved IRS forms (no hand written forms will be accepted). Prepare form 1040, including all schedules and forms for 2017. (Do not prepare NYS or NYC tax returns). Read chapter 8 to determine how to handle depreciation/amortization and IRC section 179. Only hand in the appropriate forms and schedules. . expenses in 2017 for 581 Atlantic Avenue. The property was placed in service on October 01, 2017. iv. Other Rental Income and Expenses for 2017 included: Pinebrook Property Rental Income Mortgage Interest Expense Real Estate Taxes V. Utilities Insurance Water & Sewer Place in Service Purchase Price Required: i. 1) Wages 2) FWT $69,000.00 $10,000.00 3) SWT 4) CWT $4,000.00 $2,000.00 $2,500.00 $1,200.00 01/01/2007 $550,000.00 Alice $50,000 Bruce and Alice 2017 W-2 statement shows the following wages and withholdings: 8,500 6,000 4,200 Avenue A Property $105,000.00 $12,000.00 (Long Term) -A/B b. Real Estate Taxes on primary residence c. Mortgage Interest on primary residence d. Student loan Interest Bruce $45,000 $8,000.00 $6,000.00 7,000 5,500 3,800 $5,000.00 $3,000.00 01/01/2016 820,000.00 The Jones also paid the following personal expenses in 2017: a. Contributions to Museum of Modern Art (a 50% Organization): i. Cash ii. JP Morgan Chase Stock -FMV Instructions: Make realistic assumptions about any missing or inconsistent data and state your assumptions on a separate typed schedule. $25,000 $42,100 $40,800 $12,300 $10,600 $3,600 iii. ii. Taxpayers wishes to use the Reduce Deduction Election for charitable donations. All work must be typed onto approved IRS forms (no hand written forms will be accepted). Prepare form 1040, including all schedules and forms for 2017. (Do not prepare NYS or NYC tax returns). Read chapter 8 to determine how to handle depreciation/amortization and IRC section 179. Only hand in the appropriate forms and schedules.

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