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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22692
Experience:  Taxes, Immigration, Labor Relations
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Form 1040 Sch A B D & E & Form 8283

Customer Question

Form 1040&8283 Sch ABD&E Kara&Brandon married 1 son filing joint return Cash method. 2005 report following:Salary 103,000 Interest income from money mkt accts 600 Div income from stock 700 Cash contribution to church 6,000 Rental of condo: Rent income-30 days 12,000 Interest exp 7,000 Property taxes 3,200 Maintenance 1,700 Depreciation-entire yr 7,500 Insurance 2,000 Days of personal use-16. 2002 loan friend 3,000- 2005 friend skips town. 6-20-05 sell stock for 16,000 purchased on 12-12-01 for 22,000. 9-19-05 discover penny stock purchased Jan 2 of prior yr worthless pd 5,000 for the stock Donate dishwasher to goodwill 11-21-05 purchased for 750 on 3-30-99 New dishwasher cost 900 Purchase new residence for 250,000 as part close costs pay 2 pts or 3,800 interest. Pd 8,400 interest on mortgage on personal residence Property tax 4,100 state income tax 7,500 7-20-05 donate 1000 shares stock to local college value @ date 10,200 listed stock purchased 11-10-01 for 1,000 Fed income tax 16,450
Submitted: 7 years ago.
Category: Tax
Expert:  Ed Johnson replied 7 years ago.

Dear lady,

Can i ask the nature of your question?

Customer: replied 7 years ago.
I need to know how to fill out form 1040 Schedules A, B, D, & E and form 8283
Expert:  Ed Johnson replied 7 years ago.
Are you using tax software, if so what kind?
Customer: replied 7 years ago.
Yes TaxAct 2005
Expert:  Ed Johnson replied 7 years ago.

DearCustomer

Are these 2005 taxes?

Look, I thing the forms are self explanitory,and it is hard to tell someone in this venue how to fill out line by line forms. It would take a few hours work.

If you were to purchase a year specific download of Turbo Tax, Turbo TAx provides all the forms, and has a mode for a person with little knowledge of income tax, that ask you questions and talk you through a line by line process. The cost of the software becomes tax deductablel to you.

Turbo tax even gives you examples. For instance, it will suggest what expenses are included as rental expenses for the approprate place where you input rental expenses.

I do not work for or sell turbo tax. I have used Turbo TAx since 1995, and I have always gotten great refunds, and have never been audited.

 

Customer: replied 7 years ago.
Can you send my question to Lev please? He has been very helpful to me the last few days.
Expert:  Lev replied 7 years ago.
  • Salary 103,000 - 1040 line 7
  • Interest income from money mkt accts 600 - 1040 line 8a
  • Div income from stock 700 - 1040 line 9a (assuming ordinary dividend - please verify)
  • Cash contribution to church 6,000 - schA line 15a

Assuming below all for rental property.

  • Rental of condo: Rent income-30 days 12,000 - schE line 3 (what does 30 days mean?)
  • Interest exp 7,000 - schE line 12
  • Property taxes 3,200 - schE line 16
  • Maintenance 1,700 - schE line 7
  • Depreciation-entire yr 7,500 - schE line 20 (need form 4562)
  • Insurance 2,000 - schE line 9
  • Days of personal use-16.

 

  • 2002 loan friend 3,000- 2005 friend skips town. - not sure what is it?
  • 6-20-05 sell stock for 16,000 purchased on 12-12-01 for 22,000. - schD part II
  • 9-19-05 discover penny stock purchased Jan 2 of prior yr worthless pd 5,000 for the stock . - schD part II (for worthless securities sale date should be 12/31/2005)
  • Donate dishwasher to goodwill 11-21-05 purchased for 750 on 3-30-99 New dishwasher cost 900 - form 8283 -> schA line 16 (should be used FMV - assumed $250)
  • Purchase new residence for 250,000 as part close costs pay 2 pts or 3,800 interest. - schA line 12
  • Pd 8,400 interest on mortgage on personal residence - schA line 10
  • Property tax 4,100 - schA line 6
  • state income tax 7,500 - schA line 5
  • 7-20-05 donate 1000 shares stock to local college value @ date 10,200 listed stock purchased 11-10-01 for 1,000 - form 8283 -> schA line 16
  • Fed income tax 16,450 - form 1040 line 64

will complete later.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22692
Experience: Taxes, Immigration, Labor Relations
Lev and 6 other Tax Specialists are ready to help you
Expert:  Lev replied 7 years ago.

Please review the return HERE.

If you need any small correction - HERE is a TaxAct file.

Customer: replied 7 years ago.
Dividend does not specify, just says Dividend from David Corp stock $700.
Rental f a condominimum in Lutsen: Rental Income (30 days) $12,000
In 2002, Brandon had loaned a friend $3,000 to help pay medical bills. During 2005, he discovers that his "friend" has skipped town.

That is all the information I have. Does that help?
Expert:  Lev replied 7 years ago.
  • I assumed that dividend are ordinary (because it was not specified otherwise)
  • there is $12,000 rental income on the schedule E
  • "the lost loan" may not be deducted as casual losses unless a legal action would take place.

So far I do not see any reason for change.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22692
Experience: Taxes, Immigration, Labor Relations
Lev and 6 other Tax Specialists are ready to help you

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