Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Taxpayer Information Name: Bryan Jones Capital Gains Bryan had the following stock transactions in 2017: He sold 1,000 shares of Apex Co. for $ 12,000

Taxpayer Information Name: Bryan Jones

Capital Gains Bryan had the following stock transactions in 2017:

He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2016, which he purchased on April 1, 2014 for 25,000.

In addition, he sold 750 shares of Velocity Inc. for $10,000 on September 1, 2016, which he purchased on December 1, 2015 for $5,000.

Rental Real Estate Bryan owns a rent house which he purchased on July 1, 2014.

The income and expenses of the rental real estate unit for 2017 are as follows:

Rental income $12,000

Property taxes $1,500

Depreciation $1,000

Repairs and Maintenance $750

Insurance $2,000

Other Transactions in 2017

1. Bryan received a gift of $4,000 from his brother.

2. Bryan paid $3,000 for the year in alimony to his ex-wife, per divorce decree.

3. Bryan had gambling winnings of $1,000.

4. Bryan was the beneficiary of his mothers life insurance policy. His mother died in 2017 and he received $50,000 under this policy

DO/PUT ON A SCHEDULE D FORM FROM 2016

DON'T DO SCHEDULE E FORM FROM 2017 LIKE LAST TIME OR EXPLAIN WRITTEN OUT

I NEED ACTUAL FORM

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Why are ratios and trends used in financial analysis?

Answered: 1 week ago