MGMT 132A Lecture Notes - Lecture 11: Home Equity, Income Property, Personal Property
7 Jun 2016
School
Department
Course
Professor
Document Summary
If capital gain property: if you sell property and get capital. If ordinary income property: lower of adjusted basis or fmv. Theft losses: someone else steals something from you (file a police report) Reduce by per event and 10% of agi. If personal property, then write-off up to 500,000 of acquisition cost. 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. Distance test: compare old job to old house, new job to old house, and if the difference between them is > 50 miles, then you can deduct. If self-employed, 78 weeks within a two year period. Travelling to new residence for all members of household, but no meals. Penalties, house-hunting costs, meals, realtor expenses, selling house at loss, temporary living expenses.
