Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 85085.

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 85085. For the year, she had the following reported on her W-2:

Wages $ 46,200
Federal withholding 6,930
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, Inc. Ordinary dividends 400
Qualified dividends 400

Wendy had the following itemized deductions:

State income tax withholding $2,310
State income tax paid with the 2014 return 100
Real estate tax 2,600
Mortgage interest 8,060

Wendy inherited a beach house in North Carolina (rental only) on January 2, 2014, 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 - ignore land value)

On December 29, 2015, Wendy properly conducted a like-kind exchange for rental real

estate located at 128 Lake Blvd., Hot Town, AZ. She received rental property with a 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 2016.

Prepare Form 1040 for Wendy for 2015. The taxpayer had qualifying health care coverage at all times during the tax year. You will also need Schedule A, Schedule D, Schedule E, Form 4562, and Form 8824 along with the form 1040. Use the appropriate Tax Tables. (Input all the values as positive numbers.)(Need all pertienant information with the answer please, such as box number ect.)

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