Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hello I just need help figuring out if my 8283 form is correct, everything else has already been done and I have answered the problem
Hello I just need help figuring out if my 8283 form is correct, everything else has already been done and I have answered the problem and gotten the answer already. If you could please revise my form and let me know if its correct I would really appreciate it!
According to I7-64 (which is the question I need the answer to, not I7-64) it states that I need several forms including this one, please help!
COMPREHENSIVE PROBLEM 1:7-62 Dan M. and Cheryl A. Peters are married, file a joint return, and have no children. Dan, age 45, is an independent contractor working in pharmaceutical sales and Cheryl, age 42, is a nurse at a local hospital. Dan's SSN is 400-20-0000 and Cheryl's SSN is 200-40-0000 and they reside at 2033 Palmetto Drive, Atlanta, GA 30304. Dan is paid according to commissions from sales, and he has no income tax or payroll tax withholdings. Dan oper- ates his business from his home office. During 2019, Dan earned total commissions in his business of $125,000. Cheryl earned a salary during 2019 of $45,400, with the following withholdings: $6,000 federal taxes, $1,800 state taxes, $2,815 OASDI (Social Security), and $658 Medicare taxes. During 2019, Dan and Cheryl had interest income from corporate bonds and bank ac- counts of $1,450 and qualified dividends from stocks of $5,950. Dan also actively trades stocks and had the following results for 2019: LTCG $4,900 LTCL (3,200) STCG STCL (7,800) He had no capital loss carryovers from previous years. Basis for the stocks were re- ported to the IRS by the brokerage firm. Dan does a considerable amount of travel in connection with his business and uses his own car. During 2019, Dan drove his car a total of 38,000 miles, of which 32,000 were business related. He also had business-related parking fees and tolls during the year of $280. Dan uses the mileage method for deducting auto expenses. Dan also had the follow- ing travel expenses while away from home during the year: Hotel $4,200 Meals 820 Entertainment of customers 1,080 Tips 100 Laundry and cleaning 150 Total $6,350 Dan uses the simplified method to deduct expenses for his office-in-home. His office measures 15 feet by 12 feet in size. Cheryl incurred several expenses in connection with her nursing job. She paid $450 in professional dues, $200 in professional journals, and $350 for uniforms. Dan and Cheryl had the following other expenditures during the year: Health insurance premiums (after-tax) $ 4,400 Doctor bills 470 Real estate taxes on home 6,800 Personal property taxes 1,400 Mortgage interest-all deductible 7,400 Charitable contributions-cash 9,000 Charitable contributions-Apple stock owned for 5 years: FMV $8,000 Adjusted basis 2,000 Tax preparation fees ($250 allocated to Dan's business) 750 * Paid by Dan in connection with his business.Form 8283 Noncash Charitable Contributions OMB No. 1545-0908 (Rev. November 2019) Attach one or more Forms 8283 to your tax return if you claimed a total deduction Department of the Treasury of over $500 for all contributed property. Attachment Internal Revenue Service Go to www.irs.gov/Form8283 for instructions and the latest information. Sequence No. 155 Name(s) shown on your income tax return Identifying number Dan M. Peters and Cheryl A. Peters 400-20-0000 Note: Figure the amount of your contribution deduction before completing this form. See your tax return instructions. Section A. Donated Property of $5,000 or Less and Publicly Traded Securities-List in this section only an item (or groups of similar items) for which you claimed a deduction of $5,000 or less. Also list publicly traded securities and certain other property even if the deduction is more than $5,000 (see instructions). Part Information on Donated Property-If you need more space, attach a statement. b) If donated property is a vehicle (see instructions). (c) Description and condition of donated property (a) Name and address of the For a vehicle, enter the year, make, model, and donee organization check the box. Also enter the vehicle identification number (unless Form 1098-C is attached). mileage. For securities and other property, see instructions.) C D E III Note: If the amount you claimed as a deduction for an item is $500 or less, you do not have to complete columns (e), (f), and (g). (d) Date of the (e) Date acquired (f) How acquired (9) Donor's cost (h) Fair market value () Method used to determine contribution by donor (mo., yr. by donor or adjusted basis (see instructions) the fair market value Part II Partial Interests and Restricted Use Property-Complete lines 2a through 2e if you gave less than an entire interest in a property listed in Part I. Complete lines 3a through 3c if conditions were placed on a contribution listed in Part I; also attach the required statement (see instructions). 2a Enter the letter from Part I that identifies the property for which you gave less than an entire interest If Part II applies to more than one property, attach a separate statement. b Total amount claimed as a deduction for the property listed in Part 1: (1) For this tax year (2) For any prior tax years c Name and address of each organization to which any such contribution was made in a prior year (complete only if different from the donee organization above): Name of charitable organization (donee) Address (number, street, and room or suite no.) City or town, state, and ZIP code For tangible property, enter the place where the property is located or kept Name of any person, other than the donee organization, having actual possession of the property Ba Is there a restriction, either temporary or permanent, on the donee's right to use or dispose of the donated Yes No property? . b Did you give to anyone (other than the donee organization or another organization participating with the donee organization in cooperative fundraising) the right to the income from the donated property or to the possession of the property, including the right to vote donated securities, to acquire the property by purchase or otherwise, or to designate the person having such income, possession, or right to acquire? c Is there a restriction limiting the donated property for a particular use? For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 62299J Form 8283 (Rev. 11-2019) Form 8283 (Rev. 11-2019) Page 2 Name(s) shown on your income tax return Identifying number Section B. Donated Property Over $5,000 (Except Publicly Traded Securities, Vehicles, Intellectual Property or Inventory Reportable in Section A)-Complete this section for one item (or a group of similar items) for which you claimed a deduction of more than $5,000 per item or group (except contributions reportable in Section A). Provide a separate form for each item donated unless it is part of a group of similar items. A qualified appraisal is generally required for items reportable in Section B. See instructions. Part | Information on Donated Property 4 Check the box that describes the type of property donated. a Art" (contribution of $20,000 or more) d Art* (contribution of less than $20,000) 9 Collectibles" j Other b Qualified Conservation Contribution e Other Real Estate h Intellectual Property Equipment Securities Vehicles "Art includes paintings, sculptures, watercolors, prints, drawings, ceramics, antiques, decorative arts, textiles, carpets, silver, rare manuscripts, historical memorabilia, and other similar objects. "Collectibles include coins, stamps, books, gems, jewelry, sports memorabilia, dolls, etc., but not art as defined above. Note: In certain cases, you must attach a qualified appraisal of the property. See instructions. 5 (a) Description of donated property (if you need (b) If any tangible personal property or real property was donated, give a brief (c) Appraised fai more space, attach a separate statement) summary of the overall physical condition of the property at the time of the gift market value A Apple stock 8,000 d) Date acquired (f) Donor's cost or (9) For bargain sales, See instructions by donor (mo., yr.) (e) How acquired by donor adjusted basis enter amount received (h) Amount claimed as a () Date of contribution deduction A 2014 Purchased 2.000 8,000 2019 C Part II Taxpayer (Donor) Statement-List each item included in Part I above that the appraisal identifies as having a value of $500 or less. See instructions. declare that the following item(s) included in Part I above has to the best of my knowledge and belief an appraised value of not more than $500 per item). Enter identifying letter from Part I and describe the specific item. See instructions. Signature of taxpayer (donor) Date Part III Declaration of Appraiser I declare that I am not the donor, the donee, a party to the transaction in which the donor acquired the property, employed by, or related to any of the foregoing persons, or married to any person who is related to any of the foregoing persons. And, if regularly used by the donor, donee, or party to the transaction, I performed the majority of my appraisals during my tax year for other persons. Also, I declare that I perform appraisals on a regular basis; and that because of my qualifi ations as described in the appraisal, I am qualified to make app faisals of the type of property being valued. I certify that the appraisal fees were not based on a percentage of the appraised property value. Furthermore, I understand that a false or fraudulent overstatement of the property value as described in the qualified appraisal or this Form 8283 may subject me to the penalty under section 6701(a) (aiding and abetting the understatement of tax liability). I understand that my appraisal will be used in connection with a return with a return or claim for refund. I also understand that, if there is a substantial or gross valuation misstatement of the value of the property claimed on the return or claim for refund that is based on my appraisal, I may be subject to a penalty under section 6695A of the Internal Revenue Code, as well as other applicable penalties. I affirm that I have not been at any time in the three-year period ending on the date of the appraisal barred from presenting evidence or testimony before the Department of the Treasury or the Internal Revenue Service pursuant to 31 U.S.C. 330(c). Sign HereStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started