tax accounting homework 5

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 #1Purchased 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