EHENSIVE PROBLEMS 1 Skylar and Walter Black have been married for 25 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Skylar is a stay-at-home parent and Walt is a high school teacher. Skylar's Social Security number is 222-43-7690 and Walt's is 700-01-0002. Neither are age 65 or older. The Blacks provide all the support for Skylar's mother, Rebecca Backin (Social Security number 411-66-2121), who lives in a nursing home in Reno, NV and has no income. Walter's father, Alton Black (Social Security number 343-22-8899), lives with the Blacks in Las Vegas. Although Alton received Social Security benefits of $7,600 in 2019, the Blacks provide over half of Al- ton's support. Skylar and Walt claim a $500 other dependent credit each for Rebecca and Alton. Walt's earnings from teaching are: 700-01-0002 e file OB No. 1545.0008 FABIU. 51,200.00 4,310.00 31-1239867 3,174.40 Las Vegas School District 2234 Vegas Valley Drive Las Vegas, NV 89169 51,200.00 Medicare wings and 108 51,200.00 7 Social Security is 742.40 10 Decadent care bene 11 Nonqualed plans DD$7.900.00 Walter Black 883 Scrub Brush Street, Apt 52B Las Vegas, NV 89125 Employee's address and ZIP code Is e Employer's state number NV tment of the Treasury - Revenue Service 2019 W Wage and Tax Form WPL Statement Copy B-To Be Fed With Employee's FEDERAL Tax Return This information is being furnished to the Internal Revenue Service The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2019. They originally paid $76,000 for the home on July 3, 1994, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. - Additional Income and the Qualified Business Income Deductio The Blacks received the following 1099-DIV from their mutual fund investments: CORRECTED of checked 1,425.00 2019 Dividends and Distributions Cyber Funds Equities Fund 41 Wall Street New York, NY 10005 1.002.00 Copy B For Recipient $ 6,540.34 17-1234326 222-43-7690 Skylar B. Black 883 Scrub Brush Street #52B Las Vegas, NV 89125 Fort 1099-DIV keep for your records The Blacks own a ski condo located at 123 Buncombe Lane, Brian Head, UT 84719. The condo was rented for 185 days during 2019 and used by the Blacks for 15 days. The rental activity does not rise to the level to qualify for the QBI deduction. Pertinent information about the condo rental is as follows: Rental income $12,100 Mortgage interest reported on Form 1098 8,600 Homeowners' association dues 5,200 Utilities 1,200 Maintenance 3,800 Depreciation (assume fully depreciated) The above amounts do not reflect any allocation between rental and personal use of the condo. The Blacks are active managers of the condo. Required: Complete the Black's federal tax return for 2019. Use Form 1040, Schedule 1, Schedule D, Form 8949, Schedule E (page one only), Form 8582 (page one only) and the Qualified Dividends and Capital Gain Tax Worksheet to complete their tax return. EHENSIVE PROBLEMS 1 Skylar and Walter Black have been married for 25 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Skylar is a stay-at-home parent and Walt is a high school teacher. Skylar's Social Security number is 222-43-7690 and Walt's is 700-01-0002. Neither are age 65 or older. The Blacks provide all the support for Skylar's mother, Rebecca Backin (Social Security number 411-66-2121), who lives in a nursing home in Reno, NV and has no income. Walter's father, Alton Black (Social Security number 343-22-8899), lives with the Blacks in Las Vegas. Although Alton received Social Security benefits of $7,600 in 2019, the Blacks provide over half of Al- ton's support. Skylar and Walt claim a $500 other dependent credit each for Rebecca and Alton. Walt's earnings from teaching are: 700-01-0002 e file OB No. 1545.0008 FABIU. 51,200.00 4,310.00 31-1239867 3,174.40 Las Vegas School District 2234 Vegas Valley Drive Las Vegas, NV 89169 51,200.00 Medicare wings and 108 51,200.00 7 Social Security is 742.40 10 Decadent care bene 11 Nonqualed plans DD$7.900.00 Walter Black 883 Scrub Brush Street, Apt 52B Las Vegas, NV 89125 Employee's address and ZIP code Is e Employer's state number NV tment of the Treasury - Revenue Service 2019 W Wage and Tax Form WPL Statement Copy B-To Be Fed With Employee's FEDERAL Tax Return This information is being furnished to the Internal Revenue Service The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2019. They originally paid $76,000 for the home on July 3, 1994, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. - Additional Income and the Qualified Business Income Deductio The Blacks received the following 1099-DIV from their mutual fund investments: CORRECTED of checked 1,425.00 2019 Dividends and Distributions Cyber Funds Equities Fund 41 Wall Street New York, NY 10005 1.002.00 Copy B For Recipient $ 6,540.34 17-1234326 222-43-7690 Skylar B. Black 883 Scrub Brush Street #52B Las Vegas, NV 89125 Fort 1099-DIV keep for your records The Blacks own a ski condo located at 123 Buncombe Lane, Brian Head, UT 84719. The condo was rented for 185 days during 2019 and used by the Blacks for 15 days. The rental activity does not rise to the level to qualify for the QBI deduction. Pertinent information about the condo rental is as follows: Rental income $12,100 Mortgage interest reported on Form 1098 8,600 Homeowners' association dues 5,200 Utilities 1,200 Maintenance 3,800 Depreciation (assume fully depreciated) The above amounts do not reflect any allocation between rental and personal use of the condo. The Blacks are active managers of the condo. Required: Complete the Black's federal tax return for 2019. Use Form 1040, Schedule 1, Schedule D, Form 8949, Schedule E (page one only), Form 8582 (page one only) and the Qualified Dividends and Capital Gain Tax Worksheet to complete their tax return
