Mohammed purchased a house for $150.000 and spent $50.000 to renovate it. He lived in the house for ten years and can sell it today for $500.000. On what amount will he be required to pay taxes by US law?
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- Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of 22,000. In 2019, she sells the land for 38,000. Chelseas taxable income without considering the land sale is 100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability?What is Sophia's taxable gain on the sale?Bob spent the entire 2019 year in Tokyo. His annual salary was $90,000 and he paid $30,000 rent. What is the highest amount of foreign earned income and foreign housing expenses Bob can exclude?
- Please show how you get the answerMike, a single taxpayer, purchased a house 20 years ago for $30,000. He sells the house in December 2020 for $350,000. He has always lived in the house. Calculate the following amounts. If an amount is zero, enter "0". a. How much taxable gain does Mike have from the sale of his personal residence?$fill in the blank 1 b. Assume Mike married Mary 3 years ago and she has lived in the house since their marriage. If they sell the house in December 2020 for $350,000, what is their taxable gain on a joint tax return?$fill in the blank 2 c. Assume Mike is not married and purchased the house only 1 year ago for $200,000, and he sells the house for $350,000 due to an employment-related move. What is Mike's taxable gain?$fill in the blank 3Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a joint return) pay $5,225 for her tuition and fees. a. Assuming Janie's parents have AGI of $177,800, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $71,120, what is the American Opportunity tax credit they can claim for Janie?
- Aaron and Melissa are looking to sell their house for $700,000. They purchased the house seven years ago for $480,000 and didn't have any adjustments to factor in. If Aaron and Melissa sell their house for $700,000, how much will they have to pay in capital gains? O $700,000. Married couples are required to pay capital gains on the final sales price. O $220,000. All sellers have to pay capital gains on the sales price minus the price they originally paid. O $0. The $500,000 capital gains exclusion will allow them to write off any profits earned on the property. $0. Capital gains is only paid on commercial properties.Mr. Rasputin collects Faberge Eggs. In 2023, he sold one egg for $50,000 that he bought in 2006 for $25,000. At what rate will Mr. Rasputin's capital gains be taxed? OOOO A) 0% B) 10% C) 18% D) 28%Justin Timberlake, a single taxpayer, earns $78, 200 in taxable income and $13,600 in interest from an investment in City of Los Angeles bonds. (Use the U.S. tax rate schedule.) Required: If Justin earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions?
- Answer the following question in detail. Assume this follows the Canadian Income Tax Act.How much is the estate tax due on the estate of Nicanor?Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a. Marginal tax rate % b. Marginal tax rate %