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Describe to clients items on their current year tax return

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Based on feedback you received last week, finalize the Sevilles' tax returns. Write a 4-page letter to Vanessa and Enrique Sevilla that:

to. Describe to clients the items on their current year tax return.

Question i. Detail what expenses you incurred that were not deductible for tax purposes and explain why. The Sevillas have always itemized deductions rather than taking the standard deduction on their tax return.

Explain how this may no longer be the best tax strategy due to changes in tax law under the TCJA.

Question ii. Regarding the investment opportunities you calculated in week 1, explain:

1. What investment opportunity would you recommend.
2. What is the conversion tax planning strategy and which of these investments employ this strategy.
3. How "implicit taxes" can limit the benefits of the conversion strategy.

Question iii. Vanessa and Enrique are considering buying a vacation home. They plan to spend several months each year vacationing at the house and rent the property the rest of the year. Provide an overview of the key tax considerations they should take into account when making this decision.

 

Reference no: EM133553261

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