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H&R BLOCK Tax Analyst Certification - Case Study 2 Prepare a return using BlockWorks in PRACTICE mode. Access and use the BlockWorks shell return by entering the following four-digit code: 6102. A unique SSN will be generated by the software. Be sure to note this unique shell SSN so that you will be able to re-access this return. Prepare a 2017 Schedule E (Form 1040) for Mona. Any of Monas information that is not associated with the Schedule E (Form 1040) has already been entered for you. Mona wants to compare Schedule E (Form 1040) results when the special/bonus depreciation allowance is elected versus when it is not. Therefore, prepare returns for both scenarios. She does want to take advantage of the de minimis safe harbor election, if any of the new property applies. After return preparation has been completed, return to the test and answer the associated questions. Taxpayer Information Taxpayer name: Mona J. Barber Taxpayer SSN: xxxX-6102 SN: Taxpayer DOB: Health care coverage: January 23, 1971 12 months through employer
0 months of no coverage 656 East Claflin Your City, YS XXxxx Address: Living arrangement: Taxpayer owns her home Cell phone: xxx) 555-6102; Preferred: OK to call anytime; FCC consent . given mjbarber@net.net Dental hygienist Taxpayer email: Taxpayer occupation Mona is single. Her SSN is valid for work in the U.S. and was received before the original filing due date of her return (including extensions). She is a U.S. citizen. No one may claim her as a dependent. Mona does wish to designate $3 to the Presidential Election Campaign Fund. She is not blind or disabled. She is not a student. She did not provide her drivers license or state identification. Mona does not have authority over a foreign account. She did not receive a distribution from, nor was she the grantor of or transferor to, a foreign trust. Mona consents to the use of her tax return information for other products and services. She has not received a notice from the IRS or any state or local taxing authority within the last year. The IRS has not issued an Identity Protection ID Number for her return. Mona brings in her Form W-2 and Form 1095-B. The only other income she had in 2017 is from her rental property. Rental Information Mona has rented a single family home at 1947 Pinnacle Street, Your City, YS,XXXxx, to various tenants since September 3, 2001, when she converted the house from personal to rental property. At that time, the adjusted basis of the house was $154,000, including land value of $11,600, and the fair market value (FMV) of the house was $146,000, including land value of $11,600.
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a Employees social secunity number XXX-XX-6102 OMB No. 1545-0008 FAST! Use 1 efileWIOK ST www.irs.gow Federal income tax withheld b Employer identification number (EIN) 61-6102001 c Employers name, address, and ZIP code DENTAL PLUS Wages tips, other compensation 46,800.00 52, 300.00 52,300.00 7,020.00 al security wages 3 242.60 Medicare tax withhed 5 Medicare wages and tps 7 Social security tips 9 Vonfication cod0 1876 N COMMERCE STREET 758.35 8 Alocated tips 10 Dependent care ban efits 12a See instructions for box 12 YOUR CITY, YS xxxxx d Control number Suff 11 Nonqualiftied plans e Employees first name and initial MONA J BARBER 656 EAST CLAFLIN Last name 5,500.00 12b 図ーローー1420 I 4,720.00 14 Other 12c 12d YOUR CITY Y xxxxx f Employees address and ZIP code 16 Sate Employers state D number 16 State wages, tips,eo 17 State incometa18 Local wages, tips, eto 19 Local Incometsx20 Localy numre 3,010.00 36616 102001 46,800.00 YS Department of the Treasury-Intemal Revenue Service W- statement Ta 2017 LStatement Form Copy B-To Be Filed With Employees FEDERAL Tax Return. This information is being furnished to the Intermal Revenue Service.
elng fumishes to the Internal Revenue Service CORRECTED f checked RECIPIENT SLENDERS nme, atreot addreon, alty or town, etate or province, country, ZIP or foreign postal code, and telephone no Cwutlen: The amount shown may OMB No. 1646-0901 at be fully deduible by you Limita based on the loan amount e 2017 Mortgage Interest YOUR STATE BANK 1296 MAIN STREET YOUR CITY, YS XXXXX may apply, Abo, deduct Interest to the you may ony d dent iwas Inoured by you, ctunly poid by you, and not Statement by another person Form 1008 Copy B For Payer 3.572.00 8 taxpayr 3 Mortgage origination date 9/1/97 dentfication number 52,476.30 The Infornation in boxes 1 trough 10 is Important ta 61-1261515 XXX-XX-6102 informaton and fumished to the Revenue Service. If you ar MONA J BARBER Street eddrees (naluaing apt. no.) 656 EAST CLAPLIN Points pold on purchane of princlipal reaidenoe quired to fie a etum, is address of property seauring mortgngo same a Yon bax is checked f No, see box 8or 9, below ancion may be mpowd on you the RS delomine thet an underpayment of areauts bacause you ovarslaled a deduction for this mortgage Interest or for thene points, mpord in bowes 1 and 6 or because you dt mport the refund of interest y or town, state or provinoe, country, and Z1P ar foreign poetal code YOUR CITY, YS xxxxx Address of property seouring morigage 1947 PINNACLE STREET If property seouring mortgege has no address, below io the 10 Number of properties 11 Other RE TAX: $1,938 desoription of the property ooount umber (oo Instruction) dalmed a non-deductible an. Fom 1098 Keep for your reoorde) www.ire.govform1008Department of the Treesury-Internal Revenue Bervioe
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uient(this will open in a new window) Question 73 of 75 If Mona elects to opt out of special depreciation for the new fence, what is the total depreciation deduction? $4,487 $5,178 $5,308 O$5,387 Mark for follow up Question 74 of 75 If Mona elects to opt out of special depreciation for the new fence, what is the amount of current depreciation for this asset? $157 S210 $315 $420 Mark for follow up Question 75 of 75 If Mona elects to use special depreciation for the new fence, what is her net profit or loss on the rental house? R($7.853) O ($7,643) O ($7,563) O($7.353) Mark for follow up
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Answer #1

73. ANS-A(4487)

74. ANS-B(210)

75.ANS-A(7853)

If Mona can take a special depreciation allowance to recover part of the cost of qualified property, placed in service during the tax year. The allowance applies only for the first year you place the property in service. For qualified property placed in service in 2017, you can take an additional 50% special allowance (30% 2013 and prior). The program expenses the depreciated assets in this order:

  1. Basis reduced by ownership percentage
  2. Less Section 179 expense
  3. Special 50% depreciation (30% 2013 and prior)
  4. Regular depreciation

Lacerte automatically calculates the additional first-year depreciation for qualified assets. Your property is qualified if it is one of the following:

  • Qualified reuse and recycling property
  • Qualified second generation bio fuel plant property
  • Certain qualified property acquired after December 31, 2007
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