Reference no: EM131502847
Jill's father passed away during the year. Jack and Jill received $100,000 from the life insurance policy. NeitherJack nor Jill paid either of the premiums.
Jill purchased 100 shares of Thurston Co. stock on May 1, 1991, for $1,000. Thurston Co. was declared bankrupt during the current year.
Don's physician recommended that he sees a dermatologist to help with a skin condition. Jack paid the dermatologist $7,000 during the year because his insurance could not cover the bills.
Jack and Jill went to Las Vegas and won $7,000 at the blackjack table. The next night, they lost $5,000.
Jack and Jill gave $980 to their church and, during the year, they had the following other income and expenses:
Real estate taxes $1,500
property taxes on the car (determined by value) 500
Home mortgage interest 9,100
Credit card finance charges 2,700
Tax return preparation fees ($600 is allocable to Jill's business) 1,000
Sales tax on purchases during the year 6,800
Interest from a savings account 800
Interest from City Laurel Bonds 700
Dividend from Apple Inc.stock 600
Instruction
Prepare Jack and Jill's tax return Form 1040 and Schedules A, B, C, D, and SE for the current year. You are preparer, so enter your first and last names as well as the date on page 2 of form 1040. In addition, indicate the version you are completing on the required title page for the final exam.
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