Under the terms of a divorce decree executed May 1, 2014, Ahmed transferred a house worth $650,000 to his ex-wife, Farah, and was to make alimony payments of $3,000 per month. The property has a tax basis to Ahmed of $300,000.
a. How much of this must be reported on Farah’s tax return?
b. Of that amount, how much is taxable gain or loss that Farah must recognize related to the transfer of the house?
Juan, who is single, is a self-employed carpenter and is also an employee of Frame It, Inc. His self-employment net income is $35,000, and he received a W-2 from Frame It for wages of $25,000. He is covered by his employer’s pension plan, but his employer does not offer a health plan in which he could participate.
a. Up to how much, as a percentage of his self-employed health insurance premiums, could Juan deduct for this year, if any? Why?
Answer as a Percentage:
b. How much of Juan’s self-employment taxes would be deductible?
Answer as a Percentage:
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