For your accountant
Tax year 2019
Personal · Jan 1, 2019 to Dec 31, 2019
As of Dec 31, 2019 · Prepared with xutz · Demo data: every name and figure is fictional · Figures marked est. are estimates
- Realized gains
- $0
- $0 short · $0 long
- Dividends
- $302
- received
- Interest received
- $12,620
- Investment interest
- $28,964est.
- paid, by the trace
- Deductible now
- 44%est.
- $12,620 allowed
01
Realized gains, by lot
Sales on file, from applied statements. Term: held more than a year is long-term.
No sales on file for 2019.
02
Dividends and interest received
Payments on file, by holding. xutz can't tell qualified from ordinary dividends: the 1099-DIV governs.
| Holding | Account | Payments | Dividends | Interest |
|---|---|---|---|---|
| Marcus High-Yield Savings | Marcus | 12 | — | $12,619.80 |
| VTI Vanguard Total Stock Market | Fidelity Brokerage ...4417 | 4 | $301.55 | — |
| Total | 16 | $301.55 | $12,619.80 |
03
Interest paid, and how much is deductible
Each loan's interest split by where its money went (the trace). Estimates at today's balances and rates; the lender's 1098 or statements govern.
| Loan | Interest a year | Traced to investment | Investment | Home | Personal |
|---|---|---|---|---|---|
| Home Mortgage | $26,319 est. | 0% | $0 | $26,319 | $0 |
| Rental Mortgage | $23,164 est. | 100% | $23,164 | $0 | $0 |
| Maple Family Trust line | $5,800 est. | 100% | $5,800 | $0 | $0 |
| Auto Loan | $537 est. | 0% | $0 | $0 | $537 |
Investment interest $28,964 est., of which 44% is deductible this year ($12,620, limited by net investment income); $16,344 carries forward.
| Line | Amount | Where it comes from |
|---|---|---|
| Investment interest (estimate) | $28,964 | Estimate: a full year at today's balances and rates, split by the trace (principal repaid pro rata) |
| Carryforward from prior years | $0 | Your figure on the Assumptions form |
| Interest received (NII) | $12,620 | Recorded in xutz for 2019 |
| Short-term gains (NII) | $0 | Recorded in xutz for 2019; net, floored at zero |
| Elected qualified dividends / long-term gains (NII) | $0 | Your figure on the Assumptions form |
| Dividends seen, treated as qualified (not NII) | $302 | xutz can't tell qualified from non-qualified dividends |
| Net investment income used | $12,620 | Sum of the NII lines above |
| Deduction allowed (estimate) | $12,620 | Lesser of investment interest + carryforward and NII |
| Carryforward to next year (estimate) | $16,344 | Investment interest + carryforward − deduction allowed |
| Estimated tax saved | $5,780 | Deduction × 45.8% ordinary rate |
| Home-purchase and improvement interest (estimate) | $26,319 | Estimate: a full year at today's balances and rates, split by the trace (principal repaid pro rata); $750,000 limit applies to debt after Dec 15, 2017 |
| Personal or untraced interest (estimate) | $537 | Not deductible |
The trace: where the borrowed money went
| Loan | Date | Amount | Purpose | Into | Notes |
|---|---|---|---|---|---|
| Home Mortgage | May 15, 2021 | $1,000,000 | Home purchase | Primary Residence | Purchase of the home |
| Auto Loan | Feb 10, 2023 | $30,000 | Personal | Model Y | Car purchase |
| Rental Mortgage | Mar 4, 2024 | $220,000 | Investment | Fidelity Brokerage ...4417 | Wire to brokerage, invested in index funds |
| Rental Mortgage | Jun 10, 2024 | $140,000 | Investment | Fidelity Brokerage ...4417 | Second draw, invested |
04
Basis-quality notes
What to check before relying on the figures above
- 1% of the market book (by value) has no cost basis on file, so later sales from it can't be estimated.
- Holdings worth $183,957 have no buy date, so a sale's term (short or long) can't be told until their lots are on file.