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Albert Gaytor and his wife Allison are married and file a joint return for 2018. The Gaytors live at 12340 Cocoshell Road, Coral Gables, FL 33134. Captain Gaytor is a charter fishing boat captain but took 6 months off from his job in 2018 to train and study for his Masters Captain's License. In 2018, Albert received a Form W-2 from his employer, Coconut Grove Fishing Charters, Inc.: a Employed's social security number 266-51-1966 Safe, accurate, OMB No. 1545-0008 FAST! Use Fe * file Visit the IRS website at www.ra.gowofic b Employer identification number (EIF] 60-3456789 1 Wages, lips, other compensation 66,850.00 2 Federal income tax withheld 5,780.00 Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax wilitheld Coconut Grove Fishing Charters 66.850.00 1,144.70 2432 Bay Blvd. 5 Medicare wages and tips Coconut Grove, FL 33133 66,850.00 6 Medicare tax withheld 969.33 Social security tip 8 Allocated tipp d Control number 9 Verification code 10 Dependent care benefits Employee's first name and initial Last name Buff. 11 Nonqualified plans 12a See instructions for box 12 1DD | 8,400.00 Albert T. Gaytor 12b 12340 Cocoshell Road Coral Gables, FL 33134 14 0the 120 Parking $1,440.00 42d f Employee's address and ZIP code 15 Shake Employer's state ID number 16 State way as, tips, atc. 17 State income tax He Local wages, ips, ate. 19 Local Income tax 20 Locally name FL . W-2 Wage and Tax Department of the Treasury-Internal Revenue Service Form Statement 2018 Copy B-To Be Filled With Employee's FEDERAL Tax Return. This Information is being fumished to the Internal Revenue Service. Name Social Security Number Date of Birth Albert T. Gaytor 266-51-1966 09/22/1969 Allison A. Gaytor 266-34-1967 07/01/1970 Crocker Gaytor 261-55-1212 12/21/2001The Gaytors have a 17-year-old son, Crocker, who is a full-time freshman at Brickell State University. Albert and Allison have a savings account and received the following Form 1099- INT for 2018: CORRECTED (if checked PAYER'S name, street address, city or town, state or province, country, ZIP|Payer's RIN (optional or foreign postal code, and tolaphana no. Vizcaya National Bank 9871 Coral Way 1 Interest income 2018 Interest Income Miami, FL 33134 336.14 Form 1099-INT 2 Early withdraw Copy B PAYER S TIN RECIPIENT'S TIN 60-7654321 266-51-1966 3 moreat on U.S. Savings Bonds and Treas. obligations For Recipient RECIPIENT'S name 4 Federal income tax withhold & Investment expenses This Is Important tax Albert T. Gaytor Information and is 6 Foreign tax paid 7 Foreign country or U.S. possessing being fumished to the Street address (including apt. no.) IRS. If you are required to file a 12340 Cocoshell Road 9 Tax-exempt interest Specified private activity band return, a negligence penalty or other City or town, state or provinon, country, and ZIP or foreign postal code sanction may be mposed on you It Coral Gables, FL 33134 10 Market discount A Bond premium this Income Is taxable and the IRS rmines that It has FATCA fling aquirement | 12 Blond premium on Treasury obligations | 13 Band prom not been reported. S IS Account number (pea instructions) 14 Tax-quempt and tax credit bond CUSIP no. no. 17 State tax withhold 15 Form 1099-INT (keep for your records) www.is.gooForm1 009INT Department of the Treasury - Internal Revenue ServiceCORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP | Payer's RTN (optional) or foreign postal code, and telephone no. OMB No. 1545-01 12 Interest Florida Electric Company 1 Interest income 2018 100 Palm Boulevard Income 670.33 Jupiter, FL 33458 Form 1099-INT 2 Early withdrawal penalty Copy B PAYER'S TIN RECIPIENT'S TIN 59-0247776 266-51-1966 3 Interest on U.S. Savings Bonds and Treas. obligations For Recipient RECIPIENT'S name 4 Federal income tax withheld 5 Investment expenses This is important tax Albert T. Gaytor information and is 6 Foreign tax paid 7 Foreign country or U.S. possession being furnished to the IRS. If you are Street address (including apt. no.) required to file a 12340 Cocoshell Road B Tax-exempt interest 9 Specified private activity bond return, a negligence interest penalty or other City or town, state or province, country, and ZIP or foreign postal code sanction may be mposed on you if Coral Gables, FL 33134 10 Market discount 14 Bond premium `this income is taxable and the IRS letermines that it has FATCA filling$ not been reported. equirement 12 Bond premium on Treasury obligations |13 Bond premium on tax exempt bond 0 Account number (see instructions) 14 Tax-exempt and tax credit bond CUSP no. 15 State 16 State identification no. | 17 State tax withheld Form 1099-INT (keep for your records) www.ira.gowForm 1099INT Department of the Treasury - Internal Revenue Service "CORRECTED (if checked) PAYER'S name, street address, city or town, state or provines, country, Zip | fa Total ordinary dividends |OME No. 1545-01 10 r foreign postal code, and telephone no. Everglades Bank Corporation $ 1,025.00 Dividends and 1500 S. Krome Ave 1b Qualified dividends 2018 Distributions Homestead, FL 33034 $ 1,025.00 Form 1099-DIV 2a Total capital gain distro 2b Urrecap. Sec. 1250 gain $ Copy B PAYER'S TIN RECIPIENT'S TIN 20 Section 1202 gain 2d Collectibles (28%) gain For Recipient 57-4443344 266-34-1967 RECIPIENT'S name Nondividend distributions Federal income tax withheld Allison Gaytor 0.00 This is important tax 5 information and is Section 180A dividends 6 Investment expenses being fumished to Street address (including apt. no.) the IRS. If you are required to file a 12340 Cocoshell Rd. Foreign tax paid g Foreign country or L.S. possession return, a negligenos penalty or other City or town, stats or province, country, and ZIP or foreign postal code . sanction may be imposed on you f Coral Gables, FL 33134 Cash liquidation distributions| 10 Noncash liquidation dishbubore this income is taxable and the IRS $ determines that it has FATCA filing 11 Exempt-interest dividends | 12 Specified private activity not been reporte equirement bond interest dividends $ Account number (ace instructions) 13 State |14 State Icantinication mo. 15 State tax withheld Form 1099-DIV keep for your records) www.ire.gowForm 1098DIV Department of the Treasury - Internal Revenue ServiceCORRECTED (if checked) AYER'S name, street address, city for address, city or town, state or province, country, ZIP | fa Total ordinary dividends or foreign postal code, and telephone no. OME No. 1545-01 10 Grapefruit Mutual Fund $ 160.00 2018 Dividends and 1500 S. Orange Blossom Trail 1b Qualmed dividends Distributions Orlando, FL 32809 $ Form 1099-DIV 2a Total capital gain distr 2b Unrecap. Sac. 1250 gain Copy B PAYER'S TIN RECIPIENT'S TIN 20 Section 1202 gain 2d Collectibles (28%) gain For Recipient 51-3334433 266-34-1967 RECIPIENT'S name Nondividend distributions Federal income tax withheld Allison Gaytor $ 6 0.00 This is important tax 5 Section 188A dividends Treatment expense information and is being fumished to Street address (including apt. no.) $ the IRS. If you are 12340 Cocoshell Road Foreign tax paid Foreign country or L.S. possession required to file a return, a negligenos penalty or other City or town, state or province, country, and ZIP or foreign postal code imposed on you f Coral Gables, FL 33134 Cash liquidation distributions 10 Noncash liquidation distributions this income is taxable and the IR determines that it has FATCA filing 11 Exempt-interest dividends | 12 Specified private activity not been reported. equirement bond interest dividends Account number (see instructions) 13 State 14 State Icantincation mo. 15 State tax withheld Form 1099-DIV (keep for your records) www.irs.gowForm 1092DIV Department of the Treasury - Internal Revenue Service The Gaytors also received interest of $745 from bonds issued by the Miami-Dade County Airport Authority (Form 1099 not shown). In February, Allison received $50,000 in life insurance proceeds from the death of her friend, Sharon. In July, Albert's Uncle Ivan died and left him real estate (undeveloped land) worth $72,000. Five years ago, Albert and Allison divorced. Albert married Iris, but the marriage did not work out and they divorced a year later. Under the 2014 divorce decree, Albert pays Iris $11,500 per year in alimony. All payments were on time in 2018 and Iris' Social Security number is 667-34-9224. Three years ago, Albert and Allison were remarried. Coconut Fishing Charters, Inc. pays Albert's captain's license fees and membership dues to the Charter Fisherman's Association. During 2018, Coconut Fishing paid $1,300 for such dues and fees for Albert.Allison was laid off from her job on January 2, 2018. She received a Form 1099-G for unemployment benefits: O CORRECTED (if checked AYER'S name, street address, city or town, state or province, country, ZIF|1 Unemployment compensation OMe No. 1545-01 20 or foreign postal code, and telephone no. Florida Dept. of Econ. Opportunity $ 4,000.00 PO Box 5250 2018 Certain 2 State or local Income tax Government Tallahassee, FL 32314-5250 refunds, credits, or offacts Payments For 1099-G PAYER'S TIN FECPIENT'S TIN a Box 2 amount Is for tax your 4 Federal Income tax withhold Copy B 21-5556666 266-34-1967 150.00 RECIPIENT'S name For Recipient 5 RTAA payments Taxable grants This Is Important tax Allison Gaytor Information and is 7 Agricultura payments If chocked, box 2 1: sing fumiched to the Street address (Including apt. no.) bada or business 48. If you are required Income to fle a rebum, a 12340 Cocoshell Rd. 0 Market gin negligence penalty or City or town state or province, country, and ZIP or foreign postal code other sanction may be Coral Gables, FL 33134 $ Imposed on you If this 10a State 10b State Identification no. 11 state Income tax withheld Icome is taxable and Account number (see Instruction:) s determines that has not bein reported Form 1099-G koop for your records) www.Irs.gowFor1090G Department of the Treasury - Intomal Revenue Service On September 1, Allison opened a retail store that specializes in sports car accessories. The name of the store is "Toge Pass." The store is located at 617 Crandon Boulevard, Key Biscayne, FL 33149. The store uses the cash method of accounting for everything except inventory which is kept on an accrual basis. The store's EIN is 98-7321654. Allison purchased inventory in August and thus started her business on September 1 with $40,100 of inventory. The Toge Pass accountant provided the following financial information: Income Statement Toge Pass Auto Parts Calendar Year 2018 Financial Statements in U.S. Dollars Revenue Gross Sales 64,050 Less: Sales Returns and Allowances 700 Net Sales 63,350 Cost of Goods Sold Beginning Inventory 40,100 Add: Purchases 37,800 Inventory Available 77,900 Less: Ending Inventory 38,000 Cost of Goods Sold 39,900 Gross Profit (Loss) 23,450Expenses Advertising 3,105 Dues and Subscriptions Gifts 180 Insurance 780 Interest 1,750 Legal and Professional Fees 315 Licenses and Fees 900 Miscellaneous 73 Office Expense 1,380 Payroll Taxes 510 Postage Rent 7.505 Repairs and Maintenance 437 Supplies 630 Telephone 800 Travel 940 Uniforms 400 Utilities 975 Vehicle Expenses Wages 3,400 Total Expenses 24,080 Net Operating Income (630) Other Income Gain (Loss) on Sale of Assets Interest Income Total Other Income Net Income (Loss) (630) A review of the expense account detail reveals the following: . The travel expense includes the costs Allison incurred to attend a seminar on sports car accessories. She spent $300 on airfare, $400 on lodging, $90 on a rental car, and $150 on meals. Allison has proper receipts for these amounts. .The gift account details show that Allison gave a $30 gift to each of her six best suppliers. . The supplies expense account detail reflects the purchase of 250 pens with the "Toge Pass" logo inscribed on each pen. Allison gave the pens away to suppliers, customers, and other business contacts before the end of the year. . Uniforms expense reflects the cost to purchase polo shirts Allison provided for each employee (but not herself). The shirts have the Toge Pass logo printed on the front and back and are the required apparel while working but otherwise are just like any other polo shirts. . The license and fee account includes a $900 fine Toge Pass paid to the state of Washington for environmental damage resulting from an oil spill.The Gaytors own a rental beach house in Hawaii. The beach house was rented for the full year during 2018 and was not used by the Gaytors during the year. The Gaytors were active participants in the management of the rental house. Allison drove her 2010 Ford Explorer 1,701 miles for business related to Toge Pass. The Explorer was driven a total of 11,450 miles for the year. Included in the total 11,450 miles is 5,000 miles spent commuting to the store. Allison has the required substantiation for this business mileage. She uses the standard mileage method. In late 2018, Albert started to mount and stuff some of his trophy fish to display in his "man cave\" at the Gaytor's home. Some of his friends liked Albert's taxidermy work and asked him to prepare a couple of trophy fish for them as well. Although he doubts he will ever sell any more stuffed fish, he was paid $150 and had no expenses related to this activity in 2018. Pertinent information about the rental house is as follows: Address: 1237 Pineapple St., Lihue, HI 96766 Gross rental income Mortgage interest Real estate taxes Utilities Maintenance The house is fully depreciated so there is no depreciation expense. Albert sold the following securities during the year and received a Form 1099-B that showed the following information: $20,000 7,850 2, 250 2, 1 00 2,400 Security Description Date Acquired Date Said Seing Price Adjusted Basis Orange. Inc. 100 Shares Common 02H \"00 04H 6i'l 8 $75,050 $2,150 Banana, Inc. 100 Shares Common 07i17i04 0781MB 2.000 4,200 Grape. Corp. 100 Shares Preferred 1308117 USIESH 8 9.000 10.500 Plum, Inc. 5 Bonds due 410018 12/30i08 01i02i18 5,200 5,400 Peach Mutual Fund 5.010.150 Shares 05/30i'09 10i22i18 60.100 56.000 The selling price given is net of sales commissions and the basis was reported to the IRS for all sales. In addition to the above amounts, the Grapefruit mutual fund distributed a long-term capital gain of $450 on December 30, 2018. On January 12, 2018, Albert and Allison sold their personal residence for $715,150 and purchased a new house for $725,000. This was their personal residence before and after the divorce [they have lived in it together for three years since remarrying]. The old house cost $120,000 back in January of 2006 and they added on a new bedroom and bathroom a few years ago for a cost of $20,000. They also built a pool for a cost of $60,000. They moved into the new house on January 19, 2018. COMPLETE THE GAYNOR'S 2018 TAX RETURN, INCLUDING ALL OF THE REQUIRED SCHEDULES & FORMS, WHICH INCLUDE: Form 1040 Schedule 1 Schedule 2 Schedule C Schedule D Form 8949 Schedule E Form 8582