Question: John installed a new roof on his friend s house in
John installed a new roof on his friend’s house in return for a used truck worth $8,000. How much income must John report on his tax return for his services? ____________________________________________________________________________________________________________________________________________________________
Answer to relevant QuestionsEllen is a single taxpayer. Ellen’s employer pays $150 per month ($1,800 this year) for her health insurance. During the year, Ellen had medical expenses of $3,500 and the insurance company paid $2,000 of the expenses. How ...Larry is a tax accountant and Sheila is a hairdresser. Larry prepares Sheila’s tax return for free and Sheila agrees to style Larry’s hair six times for free in return for the tax return. The value of the tax return is ...Professor Vanessa Lazo received a free tour to Costa Rica in a drawing at a professional conference. Professor Lazo has asked for your help in determining whether the free tour that she received is taxable. She understands ...Marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his clients in 2014: Dues to a country club.............. $4,500 (The country club was used for business 25 days of the total ...Randi qualifies for a home deduction. The amount of space devoted to business use is 400 square feet of the total 2,000 square feet of her home. Randi's mortgage interest and property taxes in total are $1,600. Other ...
Post your question