[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

[mags603]

In response to my above question, you do get the additional exemption for grandpa even tho he dies right way, i thought you had to shell out more money but then again i guess for this 3 days in the new year, they were supporting him

[Anonymous]

Mags, allow me to take a stab.

Troy + Edie = 2

Jobeth would not qualify as her income is in excess of the personal exemption and she's not a student.

The cousin would not qualify as he's not a close relative and didn't live with them.

And I believe the father would qualify because he was alive during the tax year (just not for long), so the full exemption.

Total = 3?

[Anonymous]

Mags, allow me to take a stab.

Troy + Edie = 2

Jobeth would not qualify as her income is in excess of the personal exemption and she's not a student.

The cousin would not qualify as he's not a close relative and didn't live with them.

And I believe the father would qualify because he was alive during the tax year (just not for long), so the full exemption.

Total = 3?

[Kenada]

Yes Attack I believe that is right and my understanding too. A bit rusty on that topic but I do remember that was the rule.

FAR 05/27/14; 786/110 - Done !

[Kenada]

Yes Attack I believe that is right and my understanding too. A bit rusty on that topic but I do remember that was the rule.

FAR 05/27/14; 786/110 - Done !

[Kenada]

I would have picked 3 as well Mags.

FAR 05/27/14; 786/110 - Done !

[Kenada]

I would have picked 3 as well Mags.

FAR 05/27/14; 786/110 - Done !

[Anonymous]

Hey i had a general question and was wondering if anybody could help me out with it. I know for the homeowners exclusion you are able to exclude $250,000 if filing single or $500,000 if married filing joint. But does anything happen to the gain if you were to rent part of the house like the basement and it was depreciated? Thanks!

[Anonymous]

Hey i had a general question and was wondering if anybody could help me out with it. I know for the homeowners exclusion you are able to exclude $250,000 if filing single or $500,000 if married filing joint. But does anything happen to the gain if you were to rent part of the house like the basement and it was depreciated? Thanks!

[Kenada]

dsteele139 – that's a good question and hope someone can answer that. I would have thought if you are renting out some of your home for rent and it was a business (rental income) – that portion would be treated differently than if your whole house was just a personal dwelling.

I believe there is a claw back for the depreciation taken as Ordinary income. Honestly this chapter in REG was my least favorite so I hope someone else can chime in here.

FAR 05/27/14; 786/110 - Done !

[Kenada]

dsteele139 – that's a good question and hope someone can answer that. I would have thought if you are renting out some of your home for rent and it was a business (rental income) – that portion would be treated differently than if your whole house was just a personal dwelling.

I believe there is a claw back for the depreciation taken as Ordinary income. Honestly this chapter in REG was my least favorite so I hope someone else can chime in here.

FAR 05/27/14; 786/110 - Done !

[Anonymous]

Does anyone have a good summary for the differences in Corp, S-corp, Partneship, and SE for contributions, distributions basis etc. 1250, 1245 property….

[Anonymous]

Does anyone have a good summary for the differences in Corp, S-corp, Partneship, and SE for contributions, distributions basis etc. 1250, 1245 property….

[Anonymous]

I'm struggling with the alimony recapture calculation… can anyone explain this in a way that makes sense or perhaps provide an example with dollar amounts?

[Anonymous]

I'm struggling with the alimony recapture calculation… can anyone explain this in a way that makes sense or perhaps provide an example with dollar amounts?

[Author]

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