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 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.)
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