Ethan (single) purchased his home on July 1, 2008. He lived in the home as his principal residence until July 1, 2015, when he moved out of the home and rented it out until July 1, 2017, when he moved back into the home. On July 1, 2018 he sold the home and realized a $237,000 gain. What amount of the gain is Ethan allowed to exclude from his 2018 gross income? Multiple

Q: Barbara is age 57 and was widowed in 2021. She wns her own home and provided all the cost of eeping…

A: Determination of Dependency To determine the dependency criteria the important aspect is the…

Q: John Johnson, single, sold his home that he had owned for 20 years for $650,000. He purchased it for…

A: Gain is the amount that is difference between the purchase price and sales price.

Q: On August 31, 2019, Harvey and Ling, who file a joint return and live in Charleston, South Carolina,…

A: As per §121, the amount of exclusion for a person filing distinctly is $250,000. However, it is…

Q: aniel Jackson bought a home in 2010, before he married his wife Sarah. In 2020, Daniel and Sarah are…

A: The IRS allows to use the home for the office purpose. The official space in home can be a separate…

Q: Facts: Cheryl bought a home on April 1, 2023 for $370,000. The home was her principal residence…

A: To determine Cheryl's realized gain on the home sale and how much of the gain, if any, must be…

Q: John and Jenny are married. They have 2 children. Assume the 2024 Estate Tax exemption amount. John…

A: ParticularsAmount ($)John's assets21646888Jenny's  assets2000000Number of childrens2

Q: Olivia wishes to purchase some undeveloped land for investment purposes. She is unable to pay the…

A: An funding is usually the outlay of a few capital today—time, effort, money, or an asset—withinside…

Q: Constanza, who is single, sells her current personal residence (adjusted basis of $222,000) for…

A: Realized Gain = (sale value - Selling expenses) - Adjusted BasisThe Realized gain comes when sales…

Q: Required: Which of the following is the Inheritance Tax payable on Billy's death? O £65.320 £88,000…

A: Inheritance Tax : > Inheritance Tax is a tax on the estate (the property, money and possessions)…

Q: Will they qualify for any gain exclusions? If so, explain why. If not, explain why

A: Gain Exclusions.

Q: Based on each selling reason listed below, indicate if Jamil can exclude the January 2021 $63,000…

A: Maximum exclusion in unforeseen circumstances = Full exclusion × Qualifying months/24 months, where…

Q: Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $325,000. He…

A: Recognized gain and realized gain are two important tax concepts that are important to understand…

Q: Marci purchased her home seven years ago for $175,000. She sold it at a loss for $150,000 in 2022.…

A: In general, losses on the sale of personal residences are not tax-deductible. The sale of a personal…

Q: answer must be correct or i will give down vote

A: 1.Building Sale:Sales Price: $232,200Cost: $202,200Accumulated Depreciation: $54,200Adjusted Basis =…

Q: • The loss from the sale of § 1244 stock results in an ordinary loss ✔ of $ 90,000 ✓ . The worthless…

A: 1. Loss from sale of 1244 stock result an ordinary loss of $90000 (120000-30000) 2. The worthless…

Q: 6 Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take…

A: Gross estate:The sum of the property or the assets owned by the person who is dead is known as gross…

Q: Juan dies and is survived by his wife, Marie. Under Juan’s will, all of his otherwise uncommitted…

A: Deduction Deduction means a reduction in taxable income. It reduces the taxable income which leads…

Q: On February 1, 2021, Stephen (who is single) sold his principal residence (home 1) at a $100,000…

A: Here in this context Stephen sell the Home one with a gain of $100000 and exclude entire gain on the…

Q: Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2023.…

A: The term "tax implications" describes the possible financial effects that a choice or action may…

Q: On August 31, 2019, Harvey and Ling, who file a joint return and live in Charleston, South Carolina,…

A: Sec 121 of IRS Code:- This section allows a taxpayer who files jointly to exclude $500,000 of…

Q: Madeline sells her personal scooter for $3,600. She purchased the scooter for $4,320 three years…

A: Gain: If the amount received from selling an asset is higher than its original cost or basis, it…

Q: Teave has a house in the city that qualifies as his principal residence from 2010 to 2020. If he…

A: The gain on sale of taxpayer's principal/main residence is subject to a $ 250000 exclusion from…

Q: Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, she sells the…

A: Here's a detailed explanation of how each step was calculated to determine Lily Tucker's taxable…

Q: Jamil, who is single, sold his principal residence on April 10, 2020, and excluded the realized gain…

A: For exclusion of gain on principal residence, there should be 3 condition should be satisfied for…

Q: a new home in Houston. The realized gain on the second sale is $275,220. Do not round any division.

A: In this question, we have to find out the recognized gain on the second sale.

Q: Yolanda owned a vacation home in Corpus Christi, Texas for 18 months before selling it for $300,000.…

A: The objective of this question is to calculate the capital gain or loss from the sale of Yolanda's…

Q: John supports Kevin, his cousin, who lived with him throughout 2019. John also supports three other…

A: For tax purposes, a dependent is someone “other than the taxpayer or spouse” who qualifies to be…

Q: James and his wife, Carla sell their personal residence which they have occupied for three years on…

A:

Q: Troy (single) purchased a

A: Capital gain refers to the gain that is incurred on the sale of a capital asset. A capital asset can…

Q: Answer the following questions: Under a 2017 divorce agreement, Joan is required to pay her…

A: Alimony payment refers to the money given by the spouse to another in the event of a divorce for…

Q: Denise is divorced and files a single tax return claiming her two children, ages 7 and 9, as…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: canor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of…

A: Estate tax:The tax levied on the transfer of a property after a person dies is known as estate tax.…

Q: ! Required information [The following information applies to the questions displayed below.] Alexa…

A: AGI deductions are those reductions or deductions that can be taken from the adjusted gross income…

Q: in

A:

Q: Constanza, who is single, sells her current personal residence (adjusted basis of $244,500) for…

A: Recognized Gain - In case of Capital gain from the primary residence of an individual they will get…

Q: Charles and his wife Diana divorced on May 1, 2022. During 2023. Charles made court-ordered alimony…

A: Itemized deductions refer to the eligible amount that can be subtracted from the adjusted gross…

Q: Thomas and Courtney are married, and they will file a joint return. In 2023, they sold an…

A: Step 1:  Determine the capital loss from the sale of the land.Step 2:  Apply the IRS capital loss…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.