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.

Instructions:

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.

5)

Staple

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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