Question
Create a Form 8949, Schedule D, Schedule E and Form 1040 with related schedules. John Smith The following is a list of capital transactions for
Create a Form 8949, Schedule D, Schedule E and Form 1040 with related schedules.
John Smith
The following is a list of capital transactions for Mike Durant, a single taxpayer, during 2020:
· On Oct 1st, received a stock dividend for 10% of his stock basis of $8,000
· On July 1st, he sells for $2,500 his acoustic guitar which he acquired on March 31st, 1996, for $3,000
· On September 16, 2020 he sells for $3,100 his stock of York Corporation purchased as an investment on February 16, 2020 for $2,450.
· On July 1st, Mike D sold a piece of land for $35,000. He originally purchased the land for $24,600 January 2001
· He has a STCL carryover of $3,250 from last year.
Mutual Fund Statement shows the following transactions:
· Stock A purchased 1/23/94 for $7,250 and sold for $4,500 on 7/22/20
· Stock B purchased 4/10/20 for $14,000 and sold for $17,500 on 9/13/20
· Stock C purchased 8/23/16 for $10,750 and sold for $15,300 on 10/12/20
· Stock D purchased 5/19/08 for $5,230 and sold for $12,400 on 10/12/20
· Stock E purchased 8/20/20 for $7,300 and sold for $3,500 on 11/14/20
· Stock F purchased 8/20/20 for $2,200 and sold for $4,625 on 11/14/20
John Smith (SS# 123-45-9876) had wages of $45,500 with federal withholding of $4,000. He lives at 468 La Canada SLO 93401. He received a 2020 Sch K1 showing his portion of ordinary partnership loss of $<3,800> and a STCL of $250. He also received a 1099-G reporting $1,740 in Box 1.
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