Tax Render Project
Based on the notice granted beneath, adequate the Halliwell's constitute 1040 for 2017, including any required constitutes and attachments.
Leo and Piper Halliwell are married and improve a flexure render. Their Social Security bulk are 000-00-1111 and 000-00-2222, respectively. Leo and Piper possess one son, Wyatt, age 10. His Social Security estimate is 000-00-3333. They feed at 1127 Carroll Avenue, San Francisco, CA 94101. They rumor their proceeds on the coin system. During 2017, they rumor the aftercited items:
Interest proceeds from capital communicate accounts
Qualified dividend proceeds from PPP Corp. supply
Cash contributions to church
Rental of a condominium in Los Angeles:
Rental proceeds (45 days)
Days of peculiar use
The address of the condo is 98 Cole Lane, Los Angeles, CA 90001. It was purchased in 2008 for $200,000.
During the year the aftercited events so occur:
a. They ordinary a separateicularize tax pay-back of $600. Their sum itemized expenditure in 2016 were $36,297.
b. On June 20, 2017, Leo sells 400 shares of Spelling Corporation supply for $20,000. He purchased the supply on December 12, 2009 for $22,000.
c. On September 19, 2017, Piper discovers that the 4,000 shares of penny supply of Quake, Inc. she purchased on January 2 of the foregoing year is adequately despicable. She compensated $6,300 for the supply.
d. Instead of accepting the $60 the advantageousness place-of-business offers for their old dishwasher, they donate it to Goodwill on November 21, 2017. They purchased the dishwasher for $750 on March 30, 2006. The new dishwasher costs $900.
e. They purchased the sojourn at 1127 Carroll Avenue on July 15, 2017 for $350,000. As sepatrounce of the failure costs, they pay two points on the hypothecation, which is curiosity-behalf rather than advance processing fees. This cancelment enables them to achieve a more liberal curiosity-behalf trounce for the tidings of the advance. They so compensated $8,400 in curiosity-behalf on the hypothecation on their peculiar sojourn.
f. They pay $4,100 in ownership taxes on their sojourn and $7,500 in separateicularize proceeds taxes.
g. On July 20, 2017, they donate 1,000 shares of Triad, Inc. supply to the national brotherhood school. The esteem of the supply on that duration is $9,700. Triad, Inc. is a listed supply. They had purchased the supply on November 10, 2008 for $1,000.
h. $17,000 in federal proceeds tax was withheld during the year.
i. They run $6,000 of hospital expenses when Wyatt is injured at bivouac. They so lavish $250 on prescriptions and $800 on follow-up master visits.
For purposes of this assignment, inattention the resource restriction tax.