Question
How would you complete the Schedule D if one sales 1000 shares of stock for $12,000 on June 7, 2017 which were purchased on April
How would you complete the Schedule D if one sales 1000 shares of stock for $12,000 on June 7, 2017 which were purchased on April 1, 2017 for $25,000? Wages are 122,000. If I provide more information, I will just be told that it is too much and the question will be flagged. I haven't gotten answers on this website at all even though I pay for it!
Taxpayer Information
Name:John Washington & Debra Washington
Filing Status:Married
The following information is taken from John Washington's 2017 Form W-2 Wage and Tax Statement:
Box 1 - Wages, tips, and other compensation80,000
Box 2 - Federal Withholding12,500
Box 17 - State Income Tax Withholding2,000
The following information is taken from Debra Washington's 2017 Form W-2 Wage and Tax Statement:
Box 1 - Wages, tips, and other compensation42,000
Box 2 - Federal Withholding3,500
Box 17 - State Income Tax Withholding750
John had interest income from a savings account from Everest Bank of $500.00
Debra had dividend income of $550 from Blue Co. stock.
John had the following stock transactions in 2017:
He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2017, which he purchased on April 1, 2017 for 25,000
The couple owns a rent house which he purchased on July 1, 2014.The income and expenses of the rental real estate unit are as follows:
Rental income$12,000
Property taxes $1,500
Depreciation$1,000
Repairs and Maintenance$750
Insurance$2,000
1. Debra had educator expenses in 2017 of $450.00
2. John had gambling winnings of $1,000.
3.John was the beneficiary of his mother's life insurance policy.
His mother died in 2017 and he received $50,000 under this policy.
4.Debra paid $700 in student loan interest.
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