Question
What is the total tax on this question? You have a client (Fred Cheng), who has been working with you for many years. He makes
What is the total tax on this question?
You have a client (Fred Cheng), who has been working with you for many years. He makes a lot of money, is single, but after a lot of moving around, he decides he wants to purchase a home. He has no real financial assets other than the following (respective values are at the end of the previous month:
Current Employer 401(k): $250,000
Previous Employer 401(k): $300,000
Tax Deferred IRA: $5000
ROTH IRA: $25,000
Savings account: $5,000
The home he wants to purchase is on the river and located in Jacksonville, FL and the estimated purchase price is going to be $225,000.
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