Question
Use the following information to complete Paige Turner's 2015 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps.
Use the following information to complete Paige Turner's 2015 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps.
On January 15, 2015, Paige's father died. From her father's estate, she received stock valued at $30,000 (his basis was $12,000) and her father's house valued at $90,000 (his basis in the house was $55,000).
Paige paid $2,050 in real estate taxes on her principal residence. The real estate tax is used to pay for town schools and other municipal services.
Paige drives a 2013 Acura TL. Her car registration fee (based on the car year) is $50 and covers the period 1/1/15 through 12/31/15. In addition, she paid $280 in property tax to the state based on the book value of the car.
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