wages 70,000
capital loss from stock investment (4,000)
moving expense to change jobs (10,000)
received payment of an interest free loan 5,000
property taxes on residence (2000)
2006-10-24 16:38:29 · 2 answers · asked by kjvonski 1 in Business & Finance ➔ Taxes ➔ United States
Wages 70,000; allowable capital loss (3,000) remainder of 1,000 carries forward to 097; 3903 Moving expense assuming criteria met (10,000); gives you an AGI of $ 57,000.00. Loan repayment you received is just your own money coming back to you. Property taxes can only be itemized and deducted on Sch A.
2006-10-25 10:10:03 · answer #1 · answered by acmeraven 7 · 0⤊ 0⤋
The AGI would be $57,000 plus the unstated interest income from the interest free loan. You have not provided enough information to calculate that amount but it could be as much as 9% which would make the AGI $57,450.
2006-10-24 19:18:32 · answer #2 · answered by ? 6 · 0⤊ 0⤋