Reference no: EM131262366
At the begining of 2015, Donna Harp was employed as a cinematographer by Farah Movie, Inc., a motion pircture company in Los Angeles, California. In June, she assepted a new job with Ocala Production in Orlando, Florida. Donna is single and her Social Security number is 000-00-1111. She sold her house in California on August 10 for $500,000. She paid a $14,000 sales commission. The house was acquired on March 23, 1998, for $140,000.
The cost of transporting her household goods and personal effects from California to Orlando amounted to $2,350. To travel from California to Florida, she paid travel and lodging costs of $370 and $100 for meals.
On July 15, she purchased a house for $270,000 on 1225 Minnie Lane in Orlando. To purchase the house, she incurred a 20-year mortgage for $170,000. To obtain the loan, she paid points of $3,400. The $3,600 of property taxes for the house in Orlando were prorated with $1,950 being apportioned to the reller and $1,650 being apportioned to the buyer In december of the current year she paid $ 3,600 for property taxes.
other information related to her return:
Salary from Farah Movie, Inc. $30,000
Salary from Ocala Production, Inc. 70,000
Federal income taxed withheld by Farah 6,000
Federal income taxed withheld by Ocala 22,000
FICA taxes withheld by Farah 2,295
FICA taxes withheld by Ocala 5,355
Interest income from Sun Nationa Bank 1,800
Dividend income (qualifying dividends) 10,000
Interest paid for mortgage:
Home in California 6,700
Home in Orlando 3,800
Property taxes taxes paid in California 4,100
Sales taxes paid in California and Florida 3,125
State income taxes paid in California 2,900
A. Determine the amount of recognized gain on the sale of the residence
B. Prepare Forms 3903, 8960, and 1040. including Schedules A. B. and D.
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