Baker, an unmarried individual, sold a personal residence, which has an adjusted basis of $70,000, for $165,000. baker owned and lived in the residence for seven years. selling expenses were $10,000. four weeks prior to the sale, baker paid a handyman $1,000 to paint and fix up the residence. what is the amount of baker's recognized gain?
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Camilo is a self-employed roofer. he reported a profit of $30,000 on his schedule c. he had other taxable income of $5,000. he paid $3,000 for hospitalization insurance. his self-employment tax was $4,656. he paid his former wife $4,000 in court-ordered alimony and $4,000 in child support. what is the amount camilo can deduct in arriving at adjusted gross income (agi)?
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Baker, an unmarried individual, sold a personal residence, which has an adjusted basis of $70,000, f...
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