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O.1, 5, 8, 9 During the year, Addison is involved in the following transactions: Lost money gambling on a recent trip to a casino. Helped
O.1, 5, 8, 9 During the year, Addison is involved in the following transactions:
Lost money gambling on a recent trip to a casino.
Helped pay for her neighbors dental bills. The neighbor is a good friend who is unemployed.
Received from the IRS a tax refund due to Addisons overpayment of last years Federal income taxes.
Paid a traffic ticket received while double parking to attend a business meeting.
Contributed to the mayors reelection campaign. The mayor had promised Addison to have some of her land rezoned. The mayor was reelected and got Addisons land rezoned.
Borrowed money from a bank to make a down payment on an automobile.
Sold a houseboat and a camper on eBay. Both were personal use items, and the gain from one offset the loss from the other.
Paid for dependent grandfathers funeral expenses.
Paid premiums on her dependent sons life insurance policy.
What are the possible income tax ramifications of these transactions?
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