Margaret Heller ran a Business called Margaret’s Gifts. She purchased a small building for her business on Februrary 1, 2018 for $900,000…

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Margaret purchased her house on 3/1/2010 for $920,000 ($100,000 land, $82,000 building). On 2/1/2018 the FMV of her house was $870,000 ($100,000 land and $770,000 building.

Margaret’s father died on Jan 3, 2016. She received 800 shares of IBM stock that her father purchased on 7/2/2010 for $50 per share. On Jan 3, 2016 the stock was valued at $78 per share. She sold 800 shares for $112 per share on 10/1/2018. Margaret received a qualified dividend (ordinary) of $5.33 per share on 8/3/2018.

Margaret paid $9,000 in qualified child care expenses to Sharon Williams (565-33-1112) during the year for the care of her two children.

Margaret paid $1300 for an extension course in marketing at San Diego State University to enhance her marketing skills for her business.  She is not enrolled at SDSU for a degree.

Margaret rented out a room and bathroom in her house through AirBNB for 131 days in 2018 and received $110 per day (after deduction of the 3% AIRBNB fee).   She started renting the room on 2/1/2018.    The room was 340 square feet. Her house is 1750 square feet.  When the room is not rented on AIRBNB Margaret uses the room as a guest room for her mother and other personal guests who do not pay rent.


2)   Prepare a worksheet for Ms Heller similar to the answer that is posted for the Wexler tax return.

3)   Prepare a schedule computing Depreciation for the assets in 2018 and indicate whether you are using 179, bonus, MACRS, or Straight-line depreciation.

4)    Prepare the tax return for Ms. Heller. Note that some but not all of the 2018 tax forms are now posted on IRS.GOV.



forms in order: 1) Oath; 2) 1040 Page 1 and 2 3) Schedules in alphabetical order: A, B, C, D, E, SE; 4) Numbered forms

6)   Prepare a Schedule apportioning deductible expenses vs non-deductible expenses for the AIRBNB. Show your calculations. Add a column to explain your logic.

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