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Question: FILL OUT SCHEDULE D FOR THE INOFORMATION BELOW ACT405– Portfolio Project Case 1 Comprehensive Ta...

FILL OUT SCHEDULE D FOR THE INOFORMATION BELOW

ACT405 – Portfolio Project Case 1

Comprehensive Tax Problem – Option 1

Taxpayer Information

               Name:   John Washington

               Address:   3450 Green St.

                                   Miami, FL 54321

               DOB:   5/5/1960

               Filing Status: Married

               SSN: 434-20-2020

               Occupation: Engineer

               Name: Debra Washington

               Address: 3450 Green St.

                                  Miami, FL 54321

               DOB: 7/7/1962

               Filing Status: Married

               SSN: 411-21-4568

               Occupation: Teacher

INCOME INFORMATION:

               Wages and Compensation

The following information is taken from John Washington’s 2017Form W-2 Wage and Tax Statement:

                                               

Box 1 – Wages, tips, and other compensation	80,000
Box 2 – Federal Withholding	12,500
Box 17 – State Income Tax Withholding	2,000

                               

The following information is taken from Debra Washington’s 2017Form W-2 Wage and Tax Statement:

                                               

Box 1 – Wages, tips, and other compensation	42,000
Box 2 – Federal Withholding	3,500
Box 17 – State Income Tax Withholding	750

               Interest and Dividends

               John had interest income from a savings account from Everest Bankof $500.00

               Debra had dividend income of $550 from Blue Co. stock.

               Capital Gains

               John had the following stock transactions in 2017:

He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2017,which he purchased on April 1, 2017 for 25,000

               Rental Real Estate

The couple owns a rent house which he purchased on July 1, 2014.The income and expenses of the rental real estate unit are asfollows:

                               Rentalincome                                  $12,000

                               Property taxes                             $1,500

                               Depreciation                                  $1,000

                               Repairs andMaintenance            $750

                               Insurance                                           $2,000

Other Transactions in 2017

1. Debra had educator expenses in 2017 of $450.00

2. John had gambling winnings of $1,000.

3. John was the beneficiary of his mother’s life insurancepolicy.

His mother died in 2017 and he received $50,000 under thispolicy.

               4. Debra paid $700 in student loan interest.

Templet:

SCHEDULE D (Form 1040) Department of the Treasury Internal Revenue Service (99)	Capital Gains andLosses ? Attach to Form 1040 or Form 1040NR. ? Information about Schedule D and its separate instructions is atwww.irs.gov/scheduled. ? Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b,9, and 10.						OMBNo. 1545-0074
							2016 Attachment Sequence No. 12
Name(s) shown onreturn					Yoursocial security number
PartI      Short-Term Capital Gains andLosses—Assets Held One Year or Less
See instructionsfor how to figure the amounts to enter on the lines below. This form may be easier to complete if you round off cents to wholedollars.		(d) Proceeds (salesprice)	(e) Cost (or other basis)	(g) Adjustments to gain or loss from Form(s) 8949, Part I, line 2, column (g)				(h) Gain or (loss)Subtract column (e) from column (d) and combine the result withcolumn (g)
1a Totals forall short-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which youhave no adjustments (see instructions). However, if you choose toreport all these transactions on Form 8949, leave this line blankand go to line 1b   .
1b Totals forall transactions reported on Form(s) 8949 with Box A checked     .   .  .   .   .   .  .   .   .   .  .   .   .
2  Totals for all transactions reported on Form(s) 8949 with Box B checked     .   .  .   .   .   .  .   .   .   .  .   .   .
3  Totals for all transactions reported on Form(s) 8949 with Box C checked    .   .  .   .   .   .  .   .   .   .  .   .   .
4  Short-term gain from Form 6252 and short-term gain or (loss) fromForms 4684, 6781, and 8824     . 5   Net short-term   gain or (loss)  from   partnerships,   Scorporations,   estates, and trusts  from Schedule(s) K-1   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   . 6   Short-term capital loss carryover. Enter the amount,if any, from line 8 of your Capital Loss Carryover Worksheet in the instructions     .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   . 7   Net short-term capital gain or (loss). Combine lines1a through 6 in column (h). If you have any long- term capitalgains or losses, go to Part II below. Otherwise, go to Part III onthe back    .   .  .   .   .						4
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						6		(                                )
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PartII      Long-Term Capital Gains andLosses—Assets Held More Than One Year
See instructionsfor how to figure the amounts to enter on the lines below. This form may be easier to complete if you round off cents to wholedollars.		(d) Proceeds (salesprice)	(e) Cost (or other basis)	(g) Adjustments to gain or loss from Form(s) 8949, Part II, line 2, column (g)				(h) Gain or (loss)Subtract column (e) from column (d) and combine the result withcolumn (g)
8a Totals forall long-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which youhave no adjustments (see instructions). However, if you choose toreport all these transactions on Form 8949, leave this line blankand go to line 8b   .
8b Totals forall transactions reported on Form(s) 8949 with Box D checked    .   .  .   .   .   .  .   .   .   .  .   .   .
9  Totals for all transactions reported on Form(s) 8949 with Box E checked     .   .  .   .   .   .  .   .   .   .  .   .   .
10 Totals forall transactions reported on Form(s) 8949 with Box F checked .   .   .  .   .   .   .  .   .   .   .  .   .   .
11 Gain fromForm 4797, Part I; long-term gain from Forms 2439 and 6252; andlong-term gain or (loss) from Forms 4684, 6781, and 8824   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .   . 12 Net long-term gain or (loss) from partnerships, S corporations,estates, and trusts from Schedule(s) K-1 13 Capital gain distributions. See theinstructions    .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   . 14 Long-term capital loss carryover. Enter the amount, if any, fromline 13 of your Capital Loss Carryover Worksheet in the instructions     .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   . 15 Net long-term capital gain or (loss). Combine lines 8a through14 in column (h). Then go to Part III on the back .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .   .   .  .   .						11
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						14		(                                )
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ForPaperwork Reduction Act Notice, see your tax returninstructions.                                     Cat. No.11338H                   Schedule D (Form 1040) 2016