Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

c. For part (b), prepare Julio's Schedule B (Form 1040) to reflect the tax reporting required of the transaction. SCHEDULE B (Form 1040) Department

imageimageimage

c. For part (b), prepare Julio's Schedule B (Form 1040) to reflect the tax reporting required of the transaction. SCHEDULE B (Form 1040) Department of the Treasury Internal Revenue Service (99) Name(s) shown on return Part I Interest (See instructions on back and the instructions for Form 1040, line 2b.) 1 Interest and Ordinary Dividends Go to www.irs.gov/ScheduleB for instructions and the latest information. Attach to Form 1040. Julio Gonzales List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see instructions on back and list this interest first. Also, show that buyer's social security number and address OMB No. 1545-0074 2018 Attachment Sequence No. 08 Your social security number 123-45-6789 Amount Note: If you received a Form 1099-DIV or substitute statement from a brokerage firm, list the firm's name as the payer and enter the ordinary dividends shown on that form. Part III Foreign Accounts and Trusts (See instructions on back.) 6 Add the amounts on line 5. Enter the total here and on Form 1040, line 3b 5 6 Note: If line 6 is over $1,500, you must complete Part III. You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. 7a At any time during 2018, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? See instructions.... If "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 and its instructions for filing requirements and exceptions to those requirements b If you are required to file FinCEN Form 114, enter the name of the foreign country where the ----- mm-ek im tamakad b Yes No X ordinary dividends shown on that form. Part III Foreign Accounts and Trusts (See instructions on back.) 6 Add the amounts on line 5. Enter the total here and on Form 1040, line 3b. Note: If line 6 is over $1,500, you must complete Part III. You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. 7a 8 6 At any time during 2018, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? See instructions... If "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 and its instructions for filing requirements and exceptions to those requirements . . . . . .. b If you are required to file FinCEN Form 114, enter the name of the foreign country where the financial account is located During 2018, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If "Yes," you may have to file Form 3520. See instructions on back For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N Yes No X X Schedule B (Form 1040) 2018

Step by Step Solution

3.45 Rating (148 Votes )

There are 3 Steps involved in it

Step: 1

a Basis for 1000 shares 50 1000 50000 Long term capital gain Amount realized Basis 150000 500... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

South-Western Federal Taxation 2019 Comprehensive

Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young

42th Edition

1337702544, 978-1337702546, 133770301X, 978-1337703017

More Books

Students also viewed these Accounting questions

Question

Find the median for the set of measurements 2, 9, 11, 5, 6.

Answered: 1 week ago