Wendy O’Neil (SSN 412-34-5670), who is single, worked full time as the director at a local…

Wendy O’Neil (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 85711. For the year, she had the following reported on

her W-2:

Wages $46,200

Federal withholding 7,930

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 2019 return 100

Real estate tax 2,600

Mortgage interest 8,060

Wendy inherited a beach house in North Carolina (rental only) on

January 2, 2021, from her father. The FMV at the father’s death was

$850,000. He had purchased the house 20 years earlier for


Summer rental income $45,000

Repairs 2,500

Real estate taxes 6,500

Utilities 2,400

Depreciation (Calculate)

On December 29, 2021, Wendy properly conducted a like-kind

exchange for rental real estate located at 128 Lake Blvd., Hot Town,

AZ. She received rental property with an 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 2021.

Prepare Form 1040 for Wendy for 2021. 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.


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