CAN YOU PLEASE HELP ME SOLVE THIS PROBLEM

CAN YOU HELP SOLVE THE LAST TWO PROBLEMS

Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year- end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $101,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $250,000 and they sold it for $300,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,500 of itemized deductions (no charitable contributions), and they had $1,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) What would their taxable income be if their itemized deductions totaled $30,000 instead of $18,500? Answer is complete and correct. Amount $ 111,000 Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Deduction for qualified business income (8) Total deductions from AGI Taxable income $ 111,000 25,100 30,000 30,000 2,000 32,000 $ 79,000 - What would their taxable income be if they had $0 itemized deductions and $10,000 of for AGI deductions? Answer is complete and correct. Amount $ 111,000 10,000 $ 101,000 25,100 Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Deduction for qualified business income (8) Total deductions from AGI Taxable income 0 25,100 2,000 $ 27.100 $ 73,900 e. Assume the original facts but now suppose the Jacksons also incurred a loss of $6,000 on the sale of some of their investment assets. What effect does the $6,000 loss have on their taxable income? Answer is complete but not entirely correct. Decrease in taxable income 85,900 X Assume the original facts but now suppose the Jacksons own investments that appreciated by $10,000 during the year. The acksons believe the investments will continue to appreciate, so they did not sell the investments during this year. What is the acksons' taxable income? Answer is complete but not entirely correct. Taxable income $ 10,000