form 1040,1040 schedule D and E, 8949, 8582, 1045- schedule A .

Chapter Review Group 5: Cumulative Software Problem 1. The following additional information is available for the Albert and Allison Gaytor family. The Gaytors own a rental beach house in Hawaii. The beach house was rented for the full year during 2018 and was not used by the Gaytors during the year. The Gaytors were active participants in the management of the rental house. Pertinent information about the rental house is as follows: Address: 1237 Pineapple St., Lihue, HI 96766 Gross rental income Mortgage interest Real estate taxes Utilities Maintenance The house is fully depreciated so there is no depreciation expense. $20,000 7,850 2.250 2,100 2,400 The house is fully depreciated so there is no depreciation expense. A A A 6 ? Albert sold the following securities during the year and received a Form 1099-B that showed the following information: Security Description Date Acquired Date Sold Selling Price Adjusted Basis Orange, Inc. 100 Shares Common 02/11/00 04/16/18 $73,050 $22,150 Banana, Inc. 100 Shares Common 07/17/04 07/31/18 2,000 4,200 Grape, Corp. 100 Shares Preferred 12/08/17 09/25/18 9,000 10,500 Plum, Inc. 5 Bonds due 4/2018 12/30/08 01/02/18 5,400 Peach Mutual Fund 5,010.150 Shares 05/30/09 10/22/18 60,100 56,000 The selling price given is net of sales commissions and the basis was reported to the IRS for all sales. In addition to the above amounts, the Grapefruit mutual fund distributed a long-term capital gain of $450 on December 30, 2018. 5,200 On January 12, 2018, Albert and Allison sold their personal residence for $715,150 and purchased a new house for $725,000. This was their personal residence before and after the divorce (they have lived in it together for three years since remarrying). The old house cost $120,000 back in January of 2006 and they added on a new bedroom and bathroom a few years ago for a cost of $20.000. Thev also built a pool for a cost of Required: Combine this new information about the Gaytor family with the information from Chapters 1-3 and complete a revised 2018 tax return for Albert and Allison. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. 1040 u.. 210 U.S. Individual Income Tax Return 2018 MON, 1543.0014 On- Fang status: Singe Marte y Marteding way Head of hecho Olying widowla Your first round in 19 Your dard duction someone can clemyou dependent You were bombefore J y2.18 o ur spouses for name and in Spouse standard deduction Spouse is blend Home m ber and someone can com p ose depen e rmonde you have Gelow or post office and ZIP Dependents Free instructions: Sign Here Chapter Review Group 5: Cumulative Software Problem 1. The following additional information is available for the Albert and Allison Gaytor family. The Gaytors own a rental beach house in Hawaii. The beach house was rented for the full year during 2018 and was not used by the Gaytors during the year. The Gaytors were active participants in the management of the rental house. Pertinent information about the rental house is as follows: Address: 1237 Pineapple St., Lihue, HI 96766 Gross rental income Mortgage interest Real estate taxes Utilities Maintenance The house is fully depreciated so there is no depreciation expense. $20,000 7,850 2.250 2,100 2,400 The house is fully depreciated so there is no depreciation expense. A A A 6 ? Albert sold the following securities during the year and received a Form 1099-B that showed the following information: Security Description Date Acquired Date Sold Selling Price Adjusted Basis Orange, Inc. 100 Shares Common 02/11/00 04/16/18 $73,050 $22,150 Banana, Inc. 100 Shares Common 07/17/04 07/31/18 2,000 4,200 Grape, Corp. 100 Shares Preferred 12/08/17 09/25/18 9,000 10,500 Plum, Inc. 5 Bonds due 4/2018 12/30/08 01/02/18 5,400 Peach Mutual Fund 5,010.150 Shares 05/30/09 10/22/18 60,100 56,000 The selling price given is net of sales commissions and the basis was reported to the IRS for all sales. In addition to the above amounts, the Grapefruit mutual fund distributed a long-term capital gain of $450 on December 30, 2018. 5,200 On January 12, 2018, Albert and Allison sold their personal residence for $715,150 and purchased a new house for $725,000. This was their personal residence before and after the divorce (they have lived in it together for three years since remarrying). The old house cost $120,000 back in January of 2006 and they added on a new bedroom and bathroom a few years ago for a cost of $20.000. Thev also built a pool for a cost of Required: Combine this new information about the Gaytor family with the information from Chapters 1-3 and complete a revised 2018 tax return for Albert and Allison. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. 1040 u.. 210 U.S. Individual Income Tax Return 2018 MON, 1543.0014 On- Fang status: Singe Marte y Marteding way Head of hecho Olying widowla Your first round in 19 Your dard duction someone can clemyou dependent You were bombefore J y2.18 o ur spouses for name and in Spouse standard deduction Spouse is blend Home m ber and someone can com p ose depen e rmonde you have Gelow or post office and ZIP Dependents Free instructions: Sign Here