Question

1. George had the following capital gain transactions in 2019: Long term capital gain        $11,000.00 Long term...

1. George had the following capital gain transactions in 2019:

Long term capital gain        $11,000.00

Long term capital loss        ($25,000.00)

Short term capital gain        $13,000.00

Short term capital loss        ($5,000.00)

What is George's net capital gain/loss for the year?

2. In June of 2017, Joe gave Charles a painting.  On the date of the gift, the painting had an adjusted basis of $15,000.00 and FMV if $10,000.00.  If Charles sold the painting on  March 11, 2019 for $5,000.00, what is Charles recognized gain or loss?

3. Jon purchases vitamins for $20.00, pays for a health club membership in the amount $400.00, pays $250.00 for eyeglasses,  and travels 200 miles to a physician.  How much qualifies as a deductible medical expense for tax purposes? (before medical expense threshold)?

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Homework Answers

Answer #1

1. Total capital gain/loss

= 11,000-25,000+13,000-5,000

= ($6,000) loss

Although only 3,000 loss is allowed to be set off against normal income so $3,000 capital loss for the year.

2. = 5,000 - 10,000

= ($5,000) loss

3. Only $250 qualifies, neither the health club nor the expenses for vitamins are deductible.

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