Kyle and Kaylie were divorced in February, Year 5. The divorce decree required that Kyle give Kaylie
Fantastic news! We've Found the answer you've been seeking!
Question:
Kyle and Kaylie were divorced in February, Year 5. The divorce decree required that Kyle give Kaylie $20,000 in exchange for keeping the house they both owned. In addition, beginning in March Kyle is to pay Kaylie $3,000 per month under the divorce decree. Kyle and Kaylie have two children, Kevin and Kelly. Also beginning in March, Kyle is required to pay $2,000 per month for the support of Kevin and Kelly. During Year 5, Kyle paid Kaylie a total of $45,000. How much is taxable to Kaylie for Year 5?
$5,000
$20,000
$25,000
$45,000
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: