use 202` tax form

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use 202` tax form

use Taxpayer Information follows:

• Married Filing Joint, age 42
• Wages $100,000, $20,000 withheld for Federal Income Tax, $5,000 withheld for CA Income Tax.
• Rental House #1
  • Purchased 1/1/2010 for $800,000. $200,000 of the cost allocated to land. $600,000 of the cost allocated to building.
  • Rental income $15,000
  • Rental expenses: $3,000 mortgage, $7,000 property tax, $2,000 repairs
  • Rental expenses: 500 vehicle miles – 100% business to fix property. Standard Mileage
  • Purchased Refrigerator for $2,500 for rental, placed in service on 11/1/2021. Did not elect to take Section 179, nor bonus depreciation, nor any other immediate expensing.
  • Materially participated in rental activity.
• Personal Expenses
  • $6,000 Charitable contribution
  • $15,000 medical expenses
  • $6,000 property tax on personal residence
  • $500 ad valorum tax on Personal Vehicle.
  • $25,000 interest on home loan for mortgage. $1,000,000 loan obtained in 2006

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