Question
Salary $73,000 Alimony paid to his ex-wife 12,200 Child support payments 9,000 Cash prize from lottery 10,000 Capital gain from sale of personal sail boat
Salary | $73,000 |
Alimony paid to his ex-wife | 12,200 |
Child support payments | 9,000 |
Cash prize from lottery | 10,000 |
Capital gain from sale of personal sail boat | 6,000 |
Appreciation in value of land purchased for investment | 25,000 |
Capital loss from sale of corporate stock | ($2,000) |
Number of potential dependents | ? |
Age | 51 |
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The following information applies to Zachary, who is single, for 2016:
Zachary maintains a household for his uncle, who lives in another state. His uncle earned $23,000. The personal exemption amount for 2016 is $4,050. Click here to access the standard deduction table to use. Indicate whether the following items are taxable or nontaxable to Zachary.
Identify whether the items are deductible (fully or partially) by Zachary.
Zachary's taxable income in 2016 is $.
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