Comprehensive Problem 8-2 Lisa Kohl (age 44) is an unmarried high school principal. Lisa received...
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Accounting
Comprehensive Problem 8-2
Lisa Kohl (age 44) is an unmarried high school principal. Lisa received the following tax documents (which are located on separate tabs in the problem):
W-2 Form
Form 1099-INT
Form 1099-DIV
Form 1099-B
During the year, Lisa paid the following amounts (all of which can be substantiated):
Home mortgage interest
$9,250
KS state income tax payment for 2017
$425
MasterCard interest
550
Life insurance (whole life policy)
750
Property taxes on personal residence
1,425
Blue Cross medical insurance premiums
250
Other medical expenses
780
Income tax preparation fee
300
Charitable contributions (in cash)
730
On January 28, 2018, Lisa sold undeveloped land for $180,000 (basis to Lisa of $135,000). The land was purchased 6 years ago. She received $25,000 as a down payment and the buyer's 10-year note for $155,000. The note is payable at the rate of $15,500 per year plus 8 percent interest. On January 28, 2019, the first of the ten principal and interest payments is due.
Required: Complete Lisa's Form 1040, Schedules 1, A, B and D, Form 8949, Form 6252 and Qualified Dividends and Capital Gain Tax Worksheet.
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