Which is true regarding the sale of a Personal Residence? Gain on the sale of a...
Homework Answers
Ans: The correct option for the answer is option D i.e. Exclusions are available up to $500,000 for joint filers if the requirements are met.
In case if not us resident then exclusions are available upto $500,000 for joint filers if requirements are met
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Which is true regarding the sale of a Personal Residence?
Gain on the sale of a...
Which of the following is/are requirements for a married couple to exclude $500,000 of gain from...
Which of the following is/are requirements for a married couple to exclude $500,000 of gain from the sale of their residence? Only one spouse must meet the ownership requirement of two out of five years preceding the sale. Both spouses must have used the home as their principal residence in two out of five of the previous years prior to the sale date. Both spouses must have been legally married for two out of the five years immediately preceding the...
If a taxpayer excludes the gain on the sale of his personal residence and, within two years, sells a second residence, he or she can exclude (up to $250,000 for a single taxpayer): A) The entire gain...
If a taxpayer excludes the gain on the sale of his personal residence and, within two years, sells a second residence, he or she can exclude (up to $250,000 for a single taxpayer): A) The entire gain on the second sale if the sale is due to health, employment reasons or unforeseen circumstances. B) The entire gain for any reason. C) A ratio of the days owned divided by 730 days and only if the sale is due to health,...
1. Which of the following could qualify as a residence, for personal residence exclusion from gain?...
1. Which of the following could qualify as a residence, for personal residence exclusion from gain? 1. A condominium. 2. An RV. 3. A boat. 4. Vacant land adjacent to personal residence regularly used by the taxpayer. a. 4 only. b. 1 and 4. c. 1, 2, and 3. d. 1,2,3, and 4. 2. Philip wants to sell his rental beach home and purchase rental property in the mountains. H friend, Randy, tells him he can do a nonsimultaneous tax-free...
1. Which of the following could qualify as a residence, for personal residence exclusion from gain? 1. A condominiu...
1. Which of the following could qualify as a residence, for personal residence exclusion from gain? 1. A condominium. 2. An RV. 3. A boat. 4. Vacant land adjacent to personal residence regularly used by the taxpayer. a. 4 only. b. 1 and 4. c. 1, 2, and 3. d. 1, 2, 3, and 4.
1) Generally, the tax law provides more incentives for renters than homeowners. True or False 2)...
1) Generally, the tax law provides more incentives for renters than homeowners. True or False 2) A personal residence is a capital asset. True or False 3) A taxpayer can only exclude gain on the sale of their current personal residence (the residence the taxpayer is living in at the time of the sale). True or False 4) As a general rule, at most, a taxpayer is allowed to exclude gain on the sale of a principal residence once every...
Which is true? a. Gain on the sale of municipal bonds is excluded from tax. b....
Which is true? a. Gain on the sale of municipal bonds is excluded from tax. b. The Additional Medicare Tax applies only to self-employment income. c. In order to be subject to the kiddie tax the child must qualify as a dependent. d. Advance rental payments are taxed when eamed (not when received) by an accrual-basis taxpayer. e. None
Question 212.56 pts On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence...
Question 212.56 pts On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence which had an adjusted basis of $150,000. Sam purchased the home in 2013 and used it as his personal principal residence for the last three years. On May 1, 2018, he purchased a new residence for $520,000. For 2018, Sam should recognize a gain on the sale of his residence of: $10,000 $250,000 $260,000 $0 Flag this Question Question 222.56 pts Jody purchased a...
Which of the following statements regarding available-for-sale debt investments is true? Select one: O a. Unrealized...
Which of the following statements regarding available-for-sale debt investments is true? Select one: O a. Unrealized holding gains/losses are reported on the income statement O b. All debt security investments can only be classified as current OC. Income is affected by temporary changes in market value O d. The realized gain on sale is determined by comparing the amortized cost of the investment with its selling price,
Which of the following statements regarding the reporting of sale of stock is true Mark for...
Which of the following statements regarding the reporting of sale
of stock is true
Mark for follow up Question 64 of 75 Which of the following accurately completes the following statement? An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless The individual retains the collateral O The individual retains the collateral and the lender offers a discount for the early payment of the debt. O The individual...
Taxation Question 14) Which of the following statements is not true regarding the education credits? A)...
Taxation Question
14) Which of the following statements is not true regarding the education credits? A) The American opportunity tax credit is only available for the first two years of postsecondary education. B) The lifetime learning credit is limited to $2,000 per taxpayer per year. C) The American opportunity tax credit is limited to $2,500 per student per year. D) A taxpayer cannot receive the American opportunity tax credit if he/she has a felony drug conviction. 15) Which of the...
1. Which of the following could qualify as a residence, for personal residence exclusion from gain? 1. A condominium. 2. An RV. 3. A boat. 4. Vacant land adjacent to personal residence regularly used by the taxpayer. a. 4 only. b. 1 and 4. c. 1, 2, and 3. d. 1,2,3, and 4. 2. Philip wants to sell his rental beach home and purchase rental property in the mountains. H friend, Randy, tells him he can do a nonsimultaneous tax-free...
1. Which of the following could qualify as a residence, for personal residence exclusion from gain? 1. A condominium. 2. An RV. 3. A boat. 4. Vacant land adjacent to personal residence regularly used by the taxpayer. a. 4 only. b. 1 and 4. c. 1, 2, and 3. d. 1, 2, 3, and 4.
Which of the following statements regarding available-for-sale debt investments is true? Select one: O a. Unrealized holding gains/losses are reported on the income statement O b. All debt security investments can only be classified as current OC. Income is affected by temporary changes in market value O d. The realized gain on sale is determined by comparing the amortized cost of the investment with its selling price,
Which of the following statements regarding the reporting of sale
of stock is true
Mark for follow up Question 64 of 75 Which of the following accurately completes the following statement? An individual who is not personally liable for a debt does not have ordinary income from the cancellation of the debt unless The individual retains the collateral O The individual retains the collateral and the lender offers a discount for the early payment of the debt. O The individual...
Taxation Question
14) Which of the following statements is not true regarding the education credits? A) The American opportunity tax credit is only available for the first two years of postsecondary education. B) The lifetime learning credit is limited to $2,000 per taxpayer per year. C) The American opportunity tax credit is limited to $2,500 per student per year. D) A taxpayer cannot receive the American opportunity tax credit if he/she has a felony drug conviction. 15) Which of the...
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