Income tax problem, Income Tax Problem: The Incisors own a

Income tax problem

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Reference no: EM131262287

Income Tax Problem: The Incisors own a beach house in Hawai. The beach house was rented for the full year during 2015 and wasn't used by Incisors during the year. The Incisors were active participants in the management of the rental. Pertinent information about the rental house is as follows: Address: 1237 Pineapple ST, Lihue, HI 96766 Net Rental Income: $ 20,650 , Mortgage Interest: 7,900 , Real Estate Taxes : 2,300 , Utilities : 2,125, Maintenance : 2,900, The house is fully depreciated so there is no depreciation expense. For the tax year, on March 15, 2016, Ivan Incisor contributes $ 5500 to a traditional IRA for himself and $5500 to a traditional IRA for his wife. HE is not covered by a qualified health plan at work. Irene had a retirement plan at the job from She was laid off on January 2, 2015. The plan had a balance of $ 24,000. On May 10, 2015, Irene had the entire retirement plan balance rolled directly into an IRA at Timador & Embaucar Brokage, Inc. Fill out Schedule E, Schedule C, form 8582 if necessary.

Reference no: EM131262287

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Income tax problem : Income Tax Problem: The Incisors own a beach house in Hawai. The beach house was rented for the full year during 2015 and wasn't used by Incisors during the year. The Incisors were active participants in the management of the rental.

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