Question
1. George had the following capital gain transactions in 2019: Long term capital gain $11,000.00 Long term capital loss ($25,000.00) Short term capital gain $13,000.00
1. George had the following capital gain transactions in 2019:
Long term capital gain $11,000.00
Long term capital loss ($25,000.00)
Short term capital gain $13,000.00
Short term capital loss ($5,000.00)
What is George's net capital gain/loss for the year?
2. In June of 2017, Joe gave Charles a painting. On the date of the gift, the painting had an adjusted basis of $15,000.00 and FMV if $10,000.00. If Charles sold the painting on March 11, 2019 for $5,000.00, what is Charles recognized gain or loss?
3. Jon purchases vitamins for $20.00, pays for a health club membership in the amount $400.00, pays $250.00 for eyeglasses, and travels 200 miles to a physician. How much qualifies as a deductible medical expense for tax purposes? (before medical expense threshold)?
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