Question
Comprehensive Problem 4-2B In 2020, Professor Patricia (Patty) Pt retired from the Palm Springs Culinary Arts Academy (PSCAA). She is a single taxpayer and is
Comprehensive Problem 4-2B
In 2020, Professor Patricia (Patty) Pt retired from the Palm Springs Culinary Arts Academy (PSCAA). She is a single taxpayer and is 62 years old. Patty lives at 98 Colander Street, Apt. 206D, Henderson, NV 89052. Professor Pt's Social Security number is 565-66-9378. In 2020, Patty had just a few months of salary from her previous job:
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Patty owns a rental condo located at 392 Spatula Way, Mount Charleston, NV 89124. The condo rented for 60 days of 2020 for $850 a month but a mold problem was discovered in the condo, her renters moved out, and she was unable to rent the apartment after the repairs (despite Patty vigorously pursuing new tenants). Patty actively manages the property herself. The following are the related expenses for the rental house:
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The condo was purchased on August 31, 1981. Patty handles all rental activities (e.g., rent collection, finding tenants, etc.) herself.
In 2020, Patty sold her beloved home of almost 30 years for $380,000 on February 27, 2020. Her basis in the home was $120,000 and she acquired the home sometime in July of 1990 (she could not remember the day).
Patty received a $1,200 EIP in 2020.
Required:
Complete form 1045 (the form I am posting below)---------
Form 1045 (2020) | Patricia Pt | 565-66-9378 | Page 2 |
Schedule ANOL (see instructions) |
1 | For individuals, subtract your standard deduction or itemized deductions from your adjusted gross income and enter it here. For estates and trusts, enter taxable income increased by the total of the charitable deduction, income distribution deduction, and exemption amount (see instructions . . . . . . . . . . . . . . . | ||||||
1 | fill in the blank 10e015015fedfb8_12 | ||||||
2 | Nonbusiness capital losses before limitation. Enter as a positive number (see instructions) | 2 | fill in the blank 10e015015fedfb8_13 | ||||
3 | Nonbusiness capital gains (without regard to any section 1202 exclusion) . . . . | 3 | fill in the blank 10e015015fedfb8_14 | ||||
4 | If line 2 is more than line 3, enter the difference. Otherwise, enter -0- . . . . . . . | 4 | fill in the blank 10e015015fedfb8_15 | ||||
5 | If line 3 is more than line 2, enter the difference. Otherwise, enter -0- . . . . . . . . . . . . . . . . . . . . . . . | 5 | fill in the blank 10e015015fedfb8_16 | ||||
6 | Nonbusiness deductions (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6 | fill in the blank 10e015015fedfb8_17 | ||||
7 | Nonbusiness income other than capital gains (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7 | fill in the blank 10e015015fedfb8_18 | ||||
8 | Add lines 5 and 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8 | fill in the blank 10e015015fedfb8_19 | ||||
9 | If line 6 is more than line 8, enter the difference. Otherwise, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9 | fill in the blank 10e015015fedfb8_20 | ||||
10 | If line 8 is more than line 6, enter the difference. Otherwise, enter -0-. But don't enter more than line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10 | fill in the blank 10e015015fedfb8_21 | ||||
11 | Business capital losses before limitation. Enter as a positive number . . . . . . . . | 11 | fill in the blank 10e015015fedfb8_22 | ||||
12 | Business capital gains (without regard to any section 1202 exclusion) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12 | fill in the blank 10e015015fedfb8_23 | ||||
13 | Add lines 10 and 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13 | fill in the blank 10e015015fedfb8_24 | ||||
14 | Subtract line 13 from line 11. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . | 14 | fill in the blank 10e015015fedfb8_25 | ||||
15 | Add lines 4 and 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15 | fill in the blank 10e015015fedfb8_26 | ||||
16 | Enter the loss, if any, from line 16 of your 2019 Schedule D (Form 1040). (For estates and trusts, enter the loss, if any, from line 19, column (3), of Schedule D (Form 1041).) Enter as a positive number. If you dont have a loss on that line (and dont have a section 1202 exclusion), skip lines 16 through 21 and enter on line 22 the amount from line 15 . . . . . . . . . . . . . . . . . . . . . | ||||||
16 | fill in the blank 10e015015fedfb8_27 | ||||||
17 | Section 1202 exclusion. Enter as a positive number (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17 | |||||
18 | Subtract line 17 from line 16. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . | 18 | |||||
19 | Enter the loss, if any, from line 21 of your 2020 Schedule D (Form 1040). (For estates and trusts, enter the loss, if any, from line 20 of Schedule D (Form 1041).) Enter as a positive number . . . . . . . . . . . . . . . . . . . . | ||||||
19 | |||||||
20 | If line 18 is more than line 19, enter the difference. Otherwise, enter -0- . . . . . | 20 | |||||
21 | If line 19 is more than line 18, enter the difference. Otherwise, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . | 21 | fill in the blank 10e015015fedfb8_28 | ||||
22 | Subtract line 20 from line 15. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 22 | fill in the blank 10e015015fedfb8_29 | ||||
23 | NOL deduction for losses from other years. Enter as a positive number . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23 | |||||
24 | NOL. Combine lines 1, 9, 17, and 21 through 23. If the result is less than zero, enter it here and on page 1, line 1a. If the result is zero or more, you don't have an NOL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24 | fill in the blank 10e015015fedfb8_30 | ||||
Form 1045 (2020) |
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