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In 2020, Professor Patricia (Patty) Pt retired from the Palm Springs Culinary Arts Academy (PSCAA). She is a single taxpayer and is 62 years old.

In 2020, 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 2020, Patty had just a few months of salary from her previous job:

Wages $9,900
Federal tax withheld 450
State tax withheld 0

Patty owns a rental condo located at 392 Spatula Way, Mount Charleston, NV 89124. The condo rented for 60 days of 2020 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 (despite Patty vigorously pursuing new tenants). Patty actively manages the property herself. The following are the related expenses for the rental house:

Real estate taxes $4,000
Mortgage interest 9,000
Insurance 550
Depreciation (assume fully depreciated) 0
Homeowners' Association dues 1,250
Repairs 1,200
Gardening 575
Advertising 1,200

The condo was purchased on August 31, 1981. Patty handles all rental activities (e.g., rent collection, finding tenants, etc.) herself.

In 2020, Patty sold her beloved home of almost 30 years for $380,000 on February 27, 2020. Her basis in the home was $120,000 and she acquired the home sometime in July of 1990 (she could not remember the day).

Patty received a $1,200 EIP in 2020.

Required: Complete Form 1040 and the Schedules 1, D, and E and Forms 8949 and 8582 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 in Part II as positive amounts.

FILE FOR YEAR 2020!!!

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