Question
Capital Stock Transactions Michael sold the following securities during 2022: Company Shares Selling Price Date sold Date Acquired Tax Basis Gain/Loss Company Shares Selling Price
Capital Stock Transactions Michael sold the following securities during 2022:
Company Shares Selling Price Date sold Date Acquired Tax Basis Gain/Loss
Company | Shares | Selling Price | Date sold | Date Acquired | Tax Basis | Gain/Loss |
IBM | 2,000 | 185,000 | 12/01/22 | 10/15/18 | 200,000 | |
TI | 1,000 | 28,000 | 06/12/22 | 02/21/10 | 8,000 | |
GE | 1,000 | 30,000 | 12/08/22 | 06/15/22 | 50,000 | |
AAPL | 1,000 | 85,000 | 11/15/22 | 02/07/22 | 80,000 | |
AMC | 500 | 12,500 | 12/20/22 | 09/12/22 | 20,800 |
Sale of Principal Residence: (see Note 4) Date of sale 06/30/2022 ; Date Acquired 01/01/2010; Selling price $1,560,000 ; Adj. Basis 950,000; other selling expense 34,000; commission 4% of sale price.
Note 4 - Sale of Residence: Mr. & Mrs. Lapin lived in this house for many years. It was acquired in 2010 at a cost of $850,000 and it was their principal residence. Over the years they made major improvements to their home and all capital improvements are documented. Mr. & Mrs. Lapin wish to avail themselves of the $500,000 gain exclusion under IRC Sec 121.
Taxes Paid NYS & NYC Income Taxes . See W-2 information NYS Sales Taxes on purchase of Boat & living expenses $15,200 Real Estate Taxes 28,000 Personal Property Taxes 10,000
The Lapin' W-2 information:
Michael | Diana | |
Gross wages | 140,000 | 80,000 |
Federal Withholding Taxes | 50,000 | 20,000 |
NYS Withholding Taxes | 10,000 | 7,000 |
NYC Withholding Taxes | 8,000 | 5,000 |
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