Question
Please help me check my anser, and if possbile please also tell me where should I put them in federal inceom tax form. Thank you!
Please help me check my anser, and if possbile please also tell me where should I put them in federal inceom tax form. Thank you!
In 2012 Janice started DEF Corporation (a small private C corporation) by contributing $40,000. She was the only owner. During the year Janice sold hercomplete investment for $30,000.
Additionally, Janice had:
(1) Janice made a $6,000 contribution to her traditional IRA account. Her employer, Worldwide publishing, offers a 401k that Janice contributes to.
(2) Sale of LMN publically traded stock on 8/15/2019 for $11,000 (originally purchased for $4,000 on 1/15/2015)
(3) Sale of QRS publically traded stock on 10/15/2019 for $2,000 (originally purchased for $6,000 on 12/15/2018)
(4) Sale of a boat on 5/15/2019 for $10,000 used for personal recreation (originally purchased for $20,000 on 6/15/2014)
(5) Janice inherited publically traded stock worth $30,000 from a deceased uncle on September 30, 2019
(6) Immediately after receiving this stock, Janice sold it for $30,000. This stock was originally purchased by his uncle on January 15th , 2016 for $23,000
My anser:
Investment 40,000
Sale of investment 30,000
Loss on sale of investment $(10,000.00)
1) Income from sales of LMN stock Sales Values of stock 11,000.00 Purchase value of stock 4,000.00 Net gain/Loss in sale of stock $7,000
2) Sale of QRS stock Sale value of stock $2,000 Purchased value 6000 Net gain/Loss in sale of QRS stock $(4,000.00)
3) Inherited publically traded stock $30,000 Sale of Inherited stock $30,000 Net gain/Loss in sale of stock $0
4) Purchase value of boat $20,000.00 Sold prive $10,000.00 Capital loss on sale $(10,000.00)
Total Long term capital gain or loss $(3,000.00) ( LMN stock + sale of boat)
Total Short term capital gain or loss $(4,000.00) ( QRS stock + sale of Inherited stock )
Total Capital gain or Loss $(7,000.00)
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