Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you tell me what goes on the 1099div please from the last part of the project.. ? 7:16 7:16 < Back Tax Return Project

image text in transcribedcan you tell me what goes on the 1099div please from the last part of the project.. ?

7:16

7:16 < Back Tax Return Project 1 - Spring 20... Rey is injured while skiing at Alpine Meadows. She sues the individual who ran into her and receives $2,500 for medical expenses, $1 ,OOO for pain and suffering, and $2,500 in punitive damages. In addition, the Ren's received and sold the following investments durin the ear: To Do Security PepsiCo Best Buy Sale Date 3/19/2019 7/30/2019 Knee Deep Brewery 12/21/2019 Purchase Sales Prices date 3/20/2018 $19,843 10/14/2015 $6,431 12/24/2017 $2,413 Commissions Paid $741 $478 $154 Basis Shares S5,681 115 S9,815 1025 Sl,800 150 The Form 1099-B Kylo and Rey received from their broker (Vanguard Advisers Inc) indicated total sales of $27,314 (sales were reported net of commissions) and reported investment basis to the IRS. The Ren's also had a short term capital loss carryover of $8,741 as well as a long-term capital loss carryover of $6,784. Kylo's brother Snoke dies on June 28, 2019. Kylo receives Snoke's Princess Leia figurine collectible (fair market value $5,650), 200 shares of Mylan Companies, Inc. stock purchased on 5/26/2019 (fair market value $2,250), and his brother's home (fair market value S368,110) in settlement of the estate. In September, Mylan Companies, Inc. declared a 12.5% stock dividend when the stock is selling for $21.62. Kylo sells the dividend shares only on December 20 for $15,750. The sale was reported on a 1099-B from Ameriprise Financial Inc with basis being reported to the IRS. On December l, Kylo sells the Princess Leia for S 17,000. On December 2, Kylo sells Snoke's home for $386,811 before closing costs of $36,543 and attorney's fees of $3,097. Neither of these transactions were reported on from 1099-B. Details on their other income is below: During 2019, Rey received the following interest and dividends (no federal tax was paid on this interest or dividends): Synchrony Financial CD Interest City of Reno bond interest s s Eldorado Resorts, Inc. Dividends (non-qualifying) s Monarch Casino & Resorts Inc Dividends (qualifying) S Tesla, Inc. Dividends (qualifying) s 1 Dashboard Calendar 987 150 584 3,843 1,637 Notifications Inbox

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Finance The Basics

Authors: Erik Banks

3rd Edition

1138919780, 9781138919785

More Books

Students also viewed these Accounting questions

Question

Explain how risk is included in the CAPM theory.

Answered: 1 week ago