Dr. George E. Beeper is a single taxpayer born on September 22, 1971. He lives at 45 Mountain View Dr., Apt. 321, Spokane, WA 99210. Dr. Beeper's Social Security number is 775-88-9531. Dr. Beeper's works for the Pine Medical Group and his earnings and income tax withholding for 2019 are reported on the W-2 form (see separate tab). 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 Mortgage interest Insurance $5,850 14,521 2,215 Depreciation (assume fully depreciated) 0 Repairs 550 Maintenance 1,976 The house was purchased on July 5, 1984. Dr. Beeper handles all rental activities (e.g., rent collection, finding tenants, etc.) himself. He spends about 10 hours per month on the rental. In 2019, Dr. Beeper sold his primary residence as he wished to move to an apartment to avoid the maintenance and upkeep of a single-family home. Dr. Beeper's home sold on February 12, 2019 for $345,000 net after commissions. He acquired the home on June 3, 2001 for $260,000 and had made improvements of $10,000. Dr. Beeper was divorced on January 1, 2013. The divorce decree requires Dr. Beeper to pay his ex-wife, Meredith Gray (Social Security number 333-45-1234), $800 per month. Dr. Beeper made all his monthly alimony payments in 2019. Required: Complete Form 1040 and the schedule 1, schedule E, form 8582 provided for Dr. Beeper.
Dr. George E. Beeper is a single taxpayer born on September 22, 1971. He lives at 45 Mountain View Dr., Apt. 321, Spokane, WA 99210. Dr. Beeper's Social Security number is 775-88-9531. Dr. Beeper's works for the Pine Medical Group and his earnings and income tax withholding for 2019 are reported on the W-2 form (see separate tab). 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 Mortgage interest Insurance $5,850 14,521 2,215 Depreciation (assume fully depreciated) 0 Repairs 550 Maintenance 1,976 The house was purchased on July 5, 1984. Dr. Beeper handles all rental activities (e.g., rent collection, finding tenants, etc.) himself. He spends about 10 hours per month on the rental. In 2019, Dr. Beeper sold his primary residence as he wished to move to an apartment to avoid the maintenance and upkeep of a single-family home. Dr. Beeper's home sold on February 12, 2019 for $345,000 net after commissions. He acquired the home on June 3, 2001 for $260,000 and had made improvements of $10,000. Dr. Beeper was divorced on January 1, 2013. The divorce decree requires Dr. Beeper to pay his ex-wife, Meredith Gray (Social Security number 333-45-1234), $800 per month. Dr. Beeper made all his monthly alimony payments in 2019. Required: Complete Form 1040 and the schedule 1, schedule E, form 8582 provided for Dr. Beeper.
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 33P: During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits....
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Transcribed Image Text:Dr. George E. Beeper is a single taxpayer born on
September 22, 1971. He lives at 45 Mountain View Dr.,
Apt. 321, Spokane, WA 99210. Dr. Beeper's Social Security
number is 775-88-9531. Dr. Beeper's works for the Pine
Medical Group and his earnings and income tax
withholding for 2019 are reported on the W-2 form (see
separate tab).
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
Mortgage interest
Insurance
$5,850
14,521
2,215
Depreciation (assume fully depreciated)
0
Repairs
550
Maintenance
1,976
The house was purchased on July 5, 1984. Dr. Beeper
handles all rental activities (e.g., rent collection, finding
tenants, etc.) himself. He spends about 10 hours per
month on the rental.
In 2019, Dr. Beeper sold his primary residence as he
wished to move to an apartment to avoid the
maintenance and upkeep of a single-family home. Dr.
Beeper's home sold on February 12, 2019 for $345,000
net after commissions. He acquired the home on June 3,
2001 for $260,000 and had made improvements of
$10,000.
Dr. Beeper was divorced on January 1, 2013. The divorce
decree requires Dr. Beeper to pay his ex-wife, Meredith
Gray (Social Security number 333-45-1234), $800 per
month. Dr. Beeper made all his monthly alimony
payments in 2019.
Required:
Complete Form 1040 and the schedule 1, schedule E,
form 8582 provided for Dr. Beeper.
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