Question
Roger (who is single) has the following activity for the year; Sold personal car for $1,000 loss. Held the car for 2 years. Sold principal
Roger (who is single) has the following activity for the year;
Sold personal car for $1,000 loss. Held the car for 2 years.
Sold principal residence for $300,000 gain. Lived and used the residence as his principal residence for the last 3 years.
Sold Spice stock for $2,000 gain. Held the stock for 6 months.
Sold antique record player for $4,000 gain. Held the record player for 10 years.
Sold Basil stock for $3,000 loss. Held the stock for 3 years.
Sold business machine for $2,000 gain. He held the machine for 1 year.
He sold Pesto stock for $5,000 loss. Held the stock for 6 days.
What Rogers tax liability resulting from these transactions assuming his long term capital gains are taxed at 15% and his marginal rate is 33%?
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