Question
Wendy ONeil (SSN 412-34-5670), who is single, worked full time as the director at a local charity. She resides at 1501 Front Street, Highland, AZ
Wendy ONeil (SSN 412-34-5670), who is single, worked full time as the director at a local charity. She resides at 1501 Front Street, Highland, AZ 85711. For the year, she had the following reported on her W-2: Wages $ 46,200 Federal withholding 7,930 Social security wages 46,200 Social security withholding 2,864 Medicare withholding 670 State withholding 2,310 Other information follows: 1099-INT New Bank $ 300 1099-DIV Freeze, Incorporated Ordinary dividends 400 Qualified dividends 400 Wendy had the following itemized deductions: State income tax withholding $ 2,310 State income tax paid with the 2021 return 100 Real estate tax 2,600 Mortgage interest 8,060 Wendy inherited a beach house in North Carolina (rental only) on January 2, 2022, from her father. The FMV at the fathers death was $850,000. He had purchased the house 20 years earlier for $100,000. Summer rental income $ 45,000 Repairs 2,500 Real estate taxes 6,500 Utilities 2,400 Depreciation (Calculate) On December 29, 2022, Wendy properly conducted a like-kind exchange for rental real estate located at 128 Lake Boulevard, Hot Town, AZ. She received rental property with an FMV of $950,000 and $20,000 cash in exchange for the North Carolina beach house. The Arizona property did not produce any income until 2023. Prepare Form 1040 for Wendy for 2022. The taxpayer had qualifying health care coverage at all times during the tax year. please help with Form 8824
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