MGMT 132A Lecture Notes - Lecture 9: Income Property, Personal Property, Home Equity
7 Jun 2016
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What if non-like-kind property or cash is received: called boot , rules: 22:38: recognize gain equal to lesser of boot received or realized gain, no recognition of loss permitted. Basis of like-kind property received: adjusted basis of property sold + adjusted basis of boot given + gain recognized . If distance is >50 miles, then the requirement is met. : health or physician recommendation, unforeseen circumstance, after midterm, rental income, formula: rental income received operating expenses . Rented out > 14 days in the year. Personal use <= 14 days or 10% of total days. Allocate between personal and rental days, and rental. Maximum deduction for agi is ,500 per year. If at least 50 years old, the limit is ,500 per year. Distribution: must wait until you"re 59. 5, there is 10% penalty (tax) B. 3. c. no deductions on roth ira as deduction for agi.
