In 2018, George, a single individual received taxable wages from his job of $50,000. He also...

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In 2018, George, a single individual received taxable wages from his job of $50,000. He also sold his personal vehicle for $3000 that he originally paid $5000 to purchase. George also received an inheritance from his grandmother in the amount of $100,000. His itemized deductions total $8000 for the entire year. George had no other investments or income for the year. What is Georges taxable Income?

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Answer 1

Answer #1

Answer:-

Taxable Income of George is as follows:-

Taxable wages 50000

Loss on sale of vehicle . -

Inheritance from grandmother -

Itemized deductions . (8000)

Taxable Income . 42000

Notes:-

Loss on sale of personal vehicle is not allowed as deduction.

Inheritance from grandmother is not taxable.

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Answer 2

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