Question
In 2019, Professor Patricia (Patty) Pt retired from the Palm Springs Culinary Arts Academy (PSCAA). She is a single taxpayer and is 62 years old.
In 2019, Professor Patricia (Patty) Pt retired from the Palm Springs Culinary Arts Academy (PSCAA). She is a single taxpayer and is 62 years old. Patty lives at 98 Colander Street, Apt. 206D, Henderson, NV 89052. Professor Pt's Social Security number is 565-66-9378. In 2019, Patty had just a few months of salary from her previous job:
Wages$9,800
Federal tax withheld450
State tax withheld0
Patty owns a rental condo located at 392 Spatula Way, Mount Charleston, NV 89124. The condo rented for 60 days of 2019 for $850 a month but a mold problem was discovered in the condo, her renters moved out, and she was unable to rent the apartment after the repairs (although she vigorously pursued new tenants). Patty actively manages the property herself. The following are the related expenses for the rental house:
Real estate taxes$3,900
Mortgage interest9,100
Insurance561
Depreciation (assume fully depreciated)0
Homeowners' Association dues1,260
Repairs1,195
Gardening560
Advertising1,200
The condo was purchased on August 31, 1980. Professor Pt handles all rental activities (e.g., rent collection, finding tenants, etc.) herself.
In 2019, Patty sold her beloved home for almost 30 years for $380,000 on February 27, 2019. Her basis in the home was $120,000 and she acquired the home sometime in July of 1989 (she could not remember the day).
Required:
Complete Form 1040 and the schedules and forms provided for Patty.
- The taxpayer had health coverage for the entire year.
- The taxpayer does not want to make a contribution to the presidential election campaign.
- Do not complete Form 4562 for reporting depreciation.
- Make realistic assumptions about any missing data.
- If an amount box does not require an entry or the answer is zero, enter "0".
- If required, round amounts to the nearest dollar.
- Enter all amounts as positive numbers except for the following special instructions: If required, on Form 1040, line 17 and on Schedule E, on lines 21, 25, and 26, use the minus sign to indicate a loss. On Form 8582, if required, use the minus sign to enter a "loss" as a negative number on the lines 1d and 4. However, per the instructions on the tax return, enter all numbers inPart IIas positive amounts.
I need a few check figures for
Form 8949 pg2 part2 Line1g(amount of adjustment)
Form 8582 part2 Line7(MAGI)
or just complete 1040, sch 1, sch D, 8949, sch E, 8582 whichever works for you
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