In 2021, 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 2021, Patty had just a few months of salary from her previous job: Wages $9,850 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 2021 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 5,000 Insurance 550 Depreciation (assume fully depreciated) 0 Homeowners' Association dues 1,250 Repairs 5,150 575 Gardening Advertising 1,200 The condo was purchased on August 31, 1982. Patty handles all rental activities (e.g., rent collection, finding tenants, etc.) herself. In 2021, Patty sold her beloved home of almost 30 years for $380,100 on February 27, 2021. Her basis in the home was $120,000 and she acquired the home sometime in July of 1991 (she could not remember the day). Part III Summary 16 Combine lines 7 and 15 and enter the result ...... 16 10,100 If line 16 is a gain, enter the amount from line 16 on Form 1040, 1040-SR, or 1040-NR, line 7. Then, go to line 17 below. If line 16 is a loss, skip lines 17 through 20 below. Then, go to line 21. Also be sure to complete line 22. If line 16 is zero, skip lines 17 through 21 below and enter -- on Form 1040, 1040-SR, or 1040-NR, line 7. Then, go to line 22. 17 Are lines 15 and 16 both gains? Yes. Go to line 18. No. Skip lines 18 through 21, and go to line 22. 18 If you are required to complete the 28% Rate Gain Worksheet (see instructions), enter the amount, if any, from line 7 of that worksheet .. 18 19 If you are required to complete the Unrecaptured Section 1250 Gain Worksheet (see Instructions), enter the amount, if any, from line 18 of that worksheet. 19 20 Are lines 18 and 19 both zero or blank and are you not filing Form 49527 Yes. Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Forms 1040 and 1040-SR, line 16. Don't complete lines 21 and 22 below. (Form 1040) Department of the Treasury Internal Revenue Service (99) (From rental real estate, royalties, partnerships, S corporations, estates, 2021 trusts, REMICS, etc.) Attachment Attach to Form 1040, 1040-SR, 1040-NR, or 1041. Sequence No. 13 Go to www.irs.gov/Schedule for instructions and the latest information. Your social security number 565-66-9378 Name(s) shown on return Patricia Pt Part I Income or Loss From Rental Real Estate and Royalties Note: If you are in the business of renting personal property, use Schedule C (see instructions). If you are an individual, report farm rental income or loss from Form 4835 on page 2, line 40. Yes No Did you make any payments in 2021 that would require you to file Form(s) 1099? (see instructions) B If "Yes," did you or will you file required Forms 1099? Yes O No la Physical address of each property (street, city, state, ZIP code) 392 Spatula Way, Mount Charleston, NV 89124 B 1b Type of Property (from list below) Fair Rental Days Personal Use Days QJV A 7X 2 For each rental real estate property listed above, report the number of fair rental and personal use days. Check the QJV box only if you meet the requirements to file as a qualified joint venture. See instructions. 60 0 B B Type of Property: Income: Properties: A B 3 Rents received 3 850 X 4 Royalties received 4 4 result is a (loss), see instructions to find out if you must file Form 6198. 21 16,875 X 22 Deductible rental real estate loss after limitation, if any, on Form 8582 (see instructions) .. 22 ) ( DC ) 23a Total of all amounts reported on line 3 for all rental properties 23a b Total of all amounts reported on line 4 for all royalty properties 23b c Total of all amounts reported on line 12 for all properties 23c d Total of all amounts reported on line 18 for all properties . 23d e Total of all amounts reported on line 20 for all properties . 23e 24 Income. Add positive amounts shown on line 21. Do not include any losses. 24 25 Losses. Add royalty losses from line 21 and rental real estate losses from line 22. Enter total losses here 25 26 Total rental real estate and royalty income or (loss). Combine lines 24 and 25. Enter the result here. If Parts II, III, IV, and line 40 on page 2 do not apply to you, also enter this amount on Schedule 1 (Form 1040), line 5. Otherwise, include this amount in the total on line 41 on page 2 26 For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11344L Schedule E (Form 1040) 2021 Feedback In 2021, 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 2021, Patty had just a few months of salary from her previous job: Wages $9,850 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 2021 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 5,000 Insurance 550 Depreciation (assume fully depreciated) 0 Homeowners' Association dues 1,250 Repairs 5,150 575 Gardening Advertising 1,200 The condo was purchased on August 31, 1982. Patty handles all rental activities (e.g., rent collection, finding tenants, etc.) herself. In 2021, Patty sold her beloved home of almost 30 years for $380,100 on February 27, 2021. Her basis in the home was $120,000 and she acquired the home sometime in July of 1991 (she could not remember the day). Part III Summary 16 Combine lines 7 and 15 and enter the result ...... 16 10,100 If line 16 is a gain, enter the amount from line 16 on Form 1040, 1040-SR, or 1040-NR, line 7. Then, go to line 17 below. If line 16 is a loss, skip lines 17 through 20 below. Then, go to line 21. Also be sure to complete line 22. If line 16 is zero, skip lines 17 through 21 below and enter -- on Form 1040, 1040-SR, or 1040-NR, line 7. Then, go to line 22. 17 Are lines 15 and 16 both gains? Yes. Go to line 18. No. Skip lines 18 through 21, and go to line 22. 18 If you are required to complete the 28% Rate Gain Worksheet (see instructions), enter the amount, if any, from line 7 of that worksheet .. 18 19 If you are required to complete the Unrecaptured Section 1250 Gain Worksheet (see Instructions), enter the amount, if any, from line 18 of that worksheet. 19 20 Are lines 18 and 19 both zero or blank and are you not filing Form 49527 Yes. Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Forms 1040 and 1040-SR, line 16. Don't complete lines 21 and 22 below. (Form 1040) Department of the Treasury Internal Revenue Service (99) (From rental real estate, royalties, partnerships, S corporations, estates, 2021 trusts, REMICS, etc.) Attachment Attach to Form 1040, 1040-SR, 1040-NR, or 1041. Sequence No. 13 Go to www.irs.gov/Schedule for instructions and the latest information. Your social security number 565-66-9378 Name(s) shown on return Patricia Pt Part I Income or Loss From Rental Real Estate and Royalties Note: If you are in the business of renting personal property, use Schedule C (see instructions). If you are an individual, report farm rental income or loss from Form 4835 on page 2, line 40. Yes No Did you make any payments in 2021 that would require you to file Form(s) 1099? (see instructions) B If "Yes," did you or will you file required Forms 1099? Yes O No la Physical address of each property (street, city, state, ZIP code) 392 Spatula Way, Mount Charleston, NV 89124 B 1b Type of Property (from list below) Fair Rental Days Personal Use Days QJV A 7X 2 For each rental real estate property listed above, report the number of fair rental and personal use days. Check the QJV box only if you meet the requirements to file as a qualified joint venture. See instructions. 60 0 B B Type of Property: Income: Properties: A B 3 Rents received 3 850 X 4 Royalties received 4 4 result is a (loss), see instructions to find out if you must file Form 6198. 21 16,875 X 22 Deductible rental real estate loss after limitation, if any, on Form 8582 (see instructions) .. 22 ) ( DC ) 23a Total of all amounts reported on line 3 for all rental properties 23a b Total of all amounts reported on line 4 for all royalty properties 23b c Total of all amounts reported on line 12 for all properties 23c d Total of all amounts reported on line 18 for all properties . 23d e Total of all amounts reported on line 20 for all properties . 23e 24 Income. Add positive amounts shown on line 21. Do not include any losses. 24 25 Losses. Add royalty losses from line 21 and rental real estate losses from line 22. Enter total losses here 25 26 Total rental real estate and royalty income or (loss). Combine lines 24 and 25. Enter the result here. If Parts II, III, IV, and line 40 on page 2 do not apply to you, also enter this amount on Schedule 1 (Form 1040), line 5. Otherwise, include this amount in the total on line 41 on page 2 26 For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11344L Schedule E (Form 1040) 2021 Feedback