Chapter. Additional income and the Qualified Business Income Deduction The Blacks received the following 1099 DIV from their mutual fund investments 24 1,500.00 2020 Dividends and Distribution Cyber Equities Fund 41 Wall Street New York, NY 10005 1.050.00 8 Oy 16,700.23 Coord For Me 17-1234326 222-43-7590 Skylar B. Black 893 Scrub Brush Street, #528 Las Vegas, NV 89125 PLAN 1000-DIV corde www The Blacks own a ski condo located at 123 Buncombe Lane, Brian Head, UT 84719. The condo was rented for 185 days during 2020 and used by the Blacks for 15 days. The rental activity does not rise to the level to quality for the QBE deduction Pertinent information about the condo rental is as follows: Rental income $23,700 Mortgage interest reported on Form 1098 16,000 Homeowners' association dues 5,200 Utilities 3,400 Maintenance 6,600 Depreciation (assume fully depreciated) 0 The above amounts do not reflect any allocation between rental and personal use of the condo. The Blacks are active managers of the condo The Blacks received a $2.400 IP in 2020 Required: Complete the Blacks federal tax return for 2020. Use Form 1040 Schedule 1. Schedule D. Form 8949. Schedule E (page 1 only), Form 8582 (page! only) and the Qualified Dividends and Capital Gain Tax Worksheet to complete the fax return 50 o R PL Chapter. Additional income and the Qualified Business Income Deduction The Blacks received the following 1099 DIV from their mutual fund investments 24 1,500.00 2020 Dividends and Distribution Cyber Equities Fund 41 Wall Street New York, NY 10005 1.050.00 8 Oy 16,700.23 Coord For Me 17-1234326 222-43-7590 Skylar B. Black 893 Scrub Brush Street, #528 Las Vegas, NV 89125 PLAN 1000-DIV corde www The Blacks own a ski condo located at 123 Buncombe Lane, Brian Head, UT 84719. The condo was rented for 185 days during 2020 and used by the Blacks for 15 days. The rental activity does not rise to the level to quality for the QBE deduction Pertinent information about the condo rental is as follows: Rental income $23,700 Mortgage interest reported on Form 1098 16,000 Homeowners' association dues 5,200 Utilities 3,400 Maintenance 6,600 Depreciation (assume fully depreciated) 0 The above amounts do not reflect any allocation between rental and personal use of the condo. The Blacks are active managers of the condo The Blacks received a $2.400 IP in 2020 Required: Complete the Blacks federal tax return for 2020. Use Form 1040 Schedule 1. Schedule D. Form 8949. Schedule E (page 1 only), Form 8582 (page! only) and the Qualified Dividends and Capital Gain Tax Worksheet to complete the fax return 50 o R PL
