1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kow [346]
3 years ago
6

In 2019, Colin and Laura sold their house for $990,000. They paid $40,000 in expenses so their proceeds are $950,000. They bough

t the house in 2013 and paid $300,000 for the home and spent $30,000 to add on a garage so their basis would be $330,000. They subtract $330,000 from $950,000 to find their gain equals $620,000. When filing their joint income tax return, if all of other conditions are met, what is the maximum amount Colin and Laura could exclude from the sale of their home
Business
1 answer:
Harman [31]3 years ago
5 0

Answer:

the total maximum amount that excluded is $500,000

Explanation:

The computation of the maximum amount that could be excluded is as follows:

In the case of the gain on sale of personal residence of taxpayer the amount of $250,000 would be considered as an exclusion other than married filing

But in the case of married filling the above amount should be doubled

Therefore the total maximum amount that excluded is $500,000

You might be interested in
Employees covered by the overtime provisions of the Fair Labor Standards Act are labeled a. nonexempt employees. b. salaried wor
Whitepunk [10]

Employees covered by the overtime provisions of the Fair Labor Standards Act are labelled as nonexempt employees.

Non-exempt employees are covered by statutory laws and are required to be paid the minimum wage in accordance with the legislation. The requirement of 40 hours of work each week should be used to compute these benefits on an hourly basis. Most of the jobs in this category are probably not management ones.

Non-exempt employees are not exempt from overtime pay and must be paid 1.5 times their regular hourly rate when working overtime. Non-exempt employees often earn less than this amount, but not always as state-specific criteria can vary.

Learn more about non-exempt employees here:

brainly.com/question/15995540

#SPJ1

7 0
2 years ago
How do various generations influence marketing activities?​
laiz [17]

Answer:

marketing systems are always evolving

Explanation:

4 0
2 years ago
Read 2 more answers
Mack writes a check to his maid, Marianne, in payment for services rendered. Marianne indorses the check in blank and gives the
Minchanka [31]

Answer:

Explanation:

Mack, Marianne, and Martin

Explanation:

From the question, we are informed about, Mack who writes a check to his maid, Marianne, in payment for services rendered. Marianne indorses the check in blank and gives the check to her masseuse, Janet, in exchange for a neck massage. Without indorsing the check, Janet gives the check to Martin, her newspaper carrier in payment for the next four month's delivery charges. Martin indorses with a special indorsement and negotiates the check to his church, St. Mark. The church indorses the check and deposits it in its bank account. If Mack's bank later dishonors the check. In this case St. Mark's may look for recovery from Mack, Marianne, and Martin. This is because the check was endorsed by three of them and as a result of this anything that happened to the check may be it's not been accepted or other things, they will be held responsible for it since they signed at the back of the check.

5 0
2 years ago
Please help me. ...​
geniusboy [140]

Answer:

You got this, never give up!

Explanation:

Believe in yourself. : )

7 0
3 years ago
The price of ice cream increases. In 1 or 2 sentences, explain how and why this affects the quantity of ice cream cones demanded
Ivan
As the price of ice cream increases, so the demand by consumers may decrease, decreasing the quantity of ice cream cones demanded (provided that all consumers eat ice cream with a cone!)
4 0
3 years ago
Read 2 more answers
Other questions:
  • You receive $1,200 today, $2,200 in one year, and $3,300 in two years. If you deposit these cash flows in an account earning 12%
    5·1 answer
  • They have fixed costs of £200 per month Each item's raw materials cost £50 The items sell for £150 each
    5·1 answer
  • You are considering building a new deck on your​ home, what factors should you consider when deciding whether to borrow the mone
    13·2 answers
  • On Air Studios organizes its jobs by activity, such as production, marketing, accounting, and finance. On Air Studios applies __
    10·1 answer
  • World Class Rings produces class rings. Its best-selling model has a direct materials standard of 16 grams of a special alloy pe
    15·1 answer
  • GKM, Inc. is a manufacturer of furniture. At the beginning of​ February, it was estimated that each unit of Let the Light In wou
    11·1 answer
  • Lauren often travels to other grocery stores in the marketplace to observe how much they charge for the same products she stocks
    10·1 answer
  • Rubium Micro Devices currently manufactures a subassembly for its main product. The costs per unit are as​ follows:Direct materi
    5·1 answer
  • William has a checking account balance of $783.47. He wrote a check to his credit card company for $442.65. What is Williams new
    13·1 answer
  • Quizlet the ability of a central bank to set monetary policy instruments is _______, while the ability of a central bank to set
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!