How do you complete the 2016 tax form Schedule D using the information below?

How do you complete the 2016 tax form Schedule D using the information below?

Taxpayer Information

              Name:  John Washington & Debra Washington

              Filing Status: Married

The following information is taken from John Washington’s 2017 Form W-2 Wage and Tax Statement:        

Box 1 – Wages, tips, and other compensation              80,000

Box 2 – Federal Withholding      12,500

Box 17 – State Income Tax Withholding 2,000                             

The following information is taken from Debra Washington’s 2017 Form W-2 Wage and Tax Statement:        

Box 1 – Wages, tips, and other compensation              42,000

Box 2 – Federal Withholding      3,500

Box 17 – State Income Tax Withholding 750

John had interest income from a savings account from Everest Bank of $500.00

Debra had dividend income of $550 from Blue Co. stock.

John had the following stock transactions in 2017:

He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2017, which he purchased on April 1, 2017 for 25,000

The couple owns a rent house which he purchased on July 1, 2014. The income and expenses of the rental real estate unit are as follows:

                             Rental income                               $12,000

                             Property taxes                                 $1,500

                             Depreciation                                    $1,000

                             Repairs and Maintenance            $750

                             Insurance                                        $2,000

1. Debra had educator expenses in 2017 of $450.00

2. John had gambling winnings of $1,000.

3. John was the beneficiary of his mother’s life insurance policy. 

His mother died in 2017 and he received $50,000 under this policy.

4. Debra paid $700 in student loan interest.

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