Questions from Individual Taxation

Q: Helen paid the following amounts of interest during the 2019 tax year

Helen paid the following amounts of interest during the 2019 tax year: Mortgage interest on Dallas residence (loan balance $50,000) = $1,600 Automobile loan interest (personal use only) = 440 Mortgage...

Q: At the end of 2019, Mark owes $250,000

At the end of 2019, Mark owes $250,000 on the mortgage related to the 2016 purchase of his residence. When his daughter went to college in the fall of 2019, he borrowed $20,000 through a home equity l...

Q: Jerry made the following contributions during 2019: His synagogue (

Jerry made the following contributions during 2019: His synagogue (by check) = $1,100 The Republican Party (by check) = 180 The American Red Cross (by check) = 200 His fraternal organization for tick...

Q: Karen, 28 years old and a single taxpayer, has a

Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2019 calendar tax year. Karen is covered by a pension through her employer. a. What is the maxi...

Q: In June of 2019, Maureen’s house is vandalized during a long

In June of 2019, Maureen’s house is vandalized during a long-term power failure after a hurricane hit the city. The president of the United States declares Maureen’s city a disaster area as a result o...

Q: Richard McCarthy (born 2/14/1965; Social Security

Richard McCarthy (born 2/14/1965; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1967; Social Security number 101-21-3434) have a 19-year-old son (born 10/2/2000 Social Security...

Q: On January 3, 2019, Carey discovers his diamond bracelet has

On January 3, 2019, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basis of $7,500. Assuming Carey had no insurance coverage on the bracelet an...

Q: During the 2019 tax year, Irma incurred the following expenses

During the 2019 tax year, Irma incurred the following expenses Union dues = $244 Tax return preparation fee = 150 Brokerage fees for the purchase of stocks = 35 Uniform expenses not reimbursed by her...

Q: Phil and Linda are 25-year-old newlyweds and file

Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. a. Assuming Phil’s wages were $27,000 and Linda’s wages were $18,...

Q: What is the maximum amount a 45-year-old taxpayer

What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2019 (assuming they have sufficient earned income, but do not have an income limitat...