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(Obj. 4) On January 2, 2000, Janis R. Jetson (SSN XXXXXXXXXXpurchased a two-unit apartment building at 1626 Flat Street, Detroit, Michigan XXXXXXXXXXThe costs of the land and building were $10,000 and...

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(Obj. 4) On January 2, 2000, Janis R. Jetson (SSN XXXXXXXXXXpurchased a two-unit apartment building at 1626 Flat Street, Detroit, Michigan XXXXXXXXXXThe costs of the land and building were $10,000 and $41,250, respectively. Both apartments are the same size, with one on the ground floor and the other upstairs. Janis has lived in the upstairs apartment since she acquired the building. The tenant in the ground-floor apartment at the time the building was purchased has continued to rent from Janis. The tenant pays $350 a month in rent. On June 30 the tenant moved out. The apartment was vacant until August 1, even though Janis advertised and attempted to rent it. On August 1, a new tenant moved in, paying rent of $400 per month. Rent is due on the first day of the month. Janis uses MACRS to depreciate the rental portion of the building. Information on the apartment follows:

In addition to the rental property, Janis works as an administrative assistant and earned $17,600 in wages. From this amount, $660 of federal income tax was withheld. Janis also earned $147 in interest from Bank of America. Janis is single and has no dependents. Prepare Janis Jetson’s tax return. Janis is single and 68-years-old. She does not want to contribute $3 to the presidential campaign fund. She signs her return on April 10, 2015.

Answered Same Day Dec 25, 2021

Solution

David answered on Dec 25 2021
120 Votes
2015 Form 1040
Fo
m 1040 Department of the Treasury—Internal Revenue Service (99)U.S. Individual Income Tax Return 2015 OMB No. 1545-0074 IRS Use Only—Do not write or staple in this space.
For the year Jan. 1–Dec. 31, 2015, or other tax year beginning , 2015, ending , 20 See separate instructions.
Your first name and initial Last name Your social security number
If a joint return, spouse’s first name and initial Last name Spouse’s social security number
â–² Make sure the SSN(s) above
and on line 6c are co
ect.
Home address (number and street). If you have a P.O. box, see instructions. Apt. no.
City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions).
Foreign country name Foreign province/state/county Foreign postal code
Presidential Election Campaign
Check here if you, or your spouse if filing
jointly, want $3 to go to this fund. Checking
a box below will not change your tax or
efund. You Spouse
Filing Status
Check only one
ox.
1 Single
2 Ma
ied filing jointly (even if only one had income)
3 Ma
ied filing separately. Enter spouse’s SSN above
and full name here. â–¶
4 Head of household (with qualifying person). (See instructions.) If
the qualifying person is a child but not your dependent, enter this
child’s name here. ▶
5 Qualifying widow(er) with dependent child
Exemptions 6a Yourself. If someone can claim you as a dependent, do not check box 6a . . . . .
Spouse . . . . . . . . . . . . . . . . . . . . . . . . }
c Dependents:
(1) First name Last name
(2) Dependent’s
social security number
(3) Dependent’s
elationship to you
(4) ✓ if child under age 17
qualifying for child tax credit
(see instructions)
If more than four
dependents, see
instructions and
check here â–¶
d Total number of exemptions claimed . . . . . . . . . . . . . . . . .
Boxes checked
on 6a and 6
No. of children
on 6c who:
• lived with you
• did not live with
you due to divorce
or separation
(see instructions)
Dependents on 6c
not entered above
Add numbers on
lines above â–¶
Income
Attach Form(s)
W-2 here. Also
attach Forms
W-2G and
1099-R if tax
was withheld.
If you did not
get a W-2,
see instructions.
7 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . . . . 7
8a Taxable interest. Attach Schedule B if required . . . . . . . . . . . . 8a
Tax-exempt interest. Do not include on line 8a . . . 8b
9 a Ordinary dividends. Attach Schedule B if required . . . . . . . . . . . 9a
Qualified dividends . . . . . . . . . . . 9b
10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . 10
11 Alimony received . . . . . . . . . . . . . . . . . . . . . 11
12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . 12
13 Capital gain or (loss). Attach Schedule D if required. If not required, check here â–¶ 13
14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . 14
15 a IRA distributions . 15a b Taxable amount . . . 15b
16 a Pensions and annuities 16a b Taxable amount . . . 16b
17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 17
18 Farm income or (loss). Attach Schedule F . . . . . . . . . . . . . . 18
19 Unemployment compensation . . . . . . . . . . . . . . . . . 19
20 a Social security benefits 20a b Taxable amount . . . 20b
21 Other income. List type and amount 21
22 Combine the amounts in the far right column for lines 7 through 21. This is your total income â–¶ 22
Adjusted
Gross
Income
23 Educator expenses . . . . . . . . . . . 23
24 Certain business expenses of reservists, performing artists, and
fee-basis government officials. Attach Form 2106 or 2106-EZ 24
25 Health savings account deduction. Attach Form 8889 . 25
26 Moving expenses. Attach Form 3903 . . . . . . 26
27 Deductible part of self-employment tax. Attach Schedule SE . 27
28 Self-employed SEP, SIMPLE, and qualified plans . . 28
29 Self-employed health insurance deduction . . . . 29
30 Penalty on early withdrawal of savings . . . . . . 30
31 a Alimony paid b Recipient’s SSN ▶ 31a
32 IRA deduction . . . . . . . . . . . . . 32
33 Student loan interest deduction . . . . . . . . 33
34 Tuition and fees. Attach Form 8917 . . . . . . . 34
35 Domestic production activities deduction. Attach Form 8903 35
36 Add lines 23 through 35 . . . . . . . . . . . . . . . . . . . 36
37 Subtract line 36 from line 22. This is your adjusted gross income . . . . . â–¶ 37
For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2015)
Form 1040 (2015) Page 2
Tax and
Credits
38 Amount from line 37 (adjusted gross income) . . . . . . . . . . . . . . 38
39a Check
if:
{ You were born before January 2, 1951, Blind.
Spouse was born before January 2, 1951, Blind.
} Total boxes
checked â–¶ 39a
If your spouse itemizes on a separate return or you were a dual-status alien, check here â–¶ 39b
Standard
Deduction
for—
• People who
check any
ox on line
39a or 39b or
who can be
claimed as a
dependent,
see
instructions.
• All others:
Single or
Ma
ied filing
separately,
$6,300
Ma
ied filing
jointly or
Qualifying
widow(er),
$12,600
Head of
household,
$9,250
40 Itemized deductions (from Schedule A) or your standard deduction (see left margin) . . 40
41 Subtract line 40 from line 38 . . . . . . . . . . . . . . . . . . . 41
42 Exemptions. If line 38 is $154,950 or less, multiply $4,000 by the number on line 6d. Otherwise, see instructions 42
43 Taxable income. Subtract line 42 from line 41. If line 42 is more than line 41, enter -0- . . 43
44 Tax (see instructions). Check if any from: a Form(s) 8814 b Form 4972 c 44
45 Alternative minimum tax (see instructions). Attach Form 6251 . . . . . . . . . 45
46 Excess advance premium tax credit repayment. Attach Form 8962 . . . . . . . . 46
47 Add lines 44, 45, and 46 . . . . . . . . . . . . . . . . . . . â–¶ 47
48 Foreign tax credit. Attach Form 1116 if required . . . . 48
49 Credit for child and dependent care expenses. Attach Form 2441 49
50 Education credits from Form 8863, line 19 . . . . . 50
51 Retirement savings contributions credit. Attach Form 8880 51
52 Child tax credit. Attach Schedule 8812, if required . . . 52
53...
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