Social security benefits-rent income on townhouse

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Reference no: EM13788096

Cecil C. Seymour is a 64-year-old widower. He had income for 2014 as follows

Pension from former employer $39,850

Interest income from Alto National Bank 5,500

Dividends received from IBM 4,500 ance 5,400

Social Security benefits 14,000

Rent income on townhouse 9,000

The cost of the annuity was $46,800, and Cecil was expected to receive a total of 260 monthly payments of $450. Cecil received 22 payments through 2014.

Cecil's 40 year old daughter borrowed $60,000 on 1/2/14 using the money to start a new business; cecil does not charge her interest. She lives with cecil and provides her own expenses.

expenses on rental

Utilities 2800

maintenance 1000

depreciation 2000

real estate taz 750

insurance 700

state income tax paid 3500

county personal property tax paid 2100

payments on estimated 2014 federal income tax 5900

charitable contribution alto baptisit church 6400

federal interest rate 6%

sale tax paid 912

compute cecil's 2014 income tax payable (or refund)

Reference no: EM13788096

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