Explain the exclusion for gain  on sale of personal residence. Does that exclusion apply to d sale of vacation home as well?

true or false    capital gains on a principal residence are never taxable.

Which of the following is the proper tax treatment of a loss that is realized on an involuntary conversion business property? The loss is never recognized, the loss is categorized as a short-term capital loss, the loss is recognized or the loss is recognized on the involuntary conversion of real estate, but not on the involuntary conversion of personal property

When determining whether a dwelling unit is treated as a residence or a nonresidence for tax purposes, what constitutes a day of personal use and what constitutes a day of rental use?

Disadvantages of home ownership include (A) O restricted mobility. (B) Ogreater responsibility. (C) O risk. (D) O all of these.

Discuss the circumstances when an investor can use section 1031 of the Internal Revenue Code (IRC) for like-kind of real estate exchanges to defer taxes when making a sale or disposal of property.

Under which set of circumstances would a customer be charged sales tax? Select one: a. Customer purchased a taxable product and the customer is a non-taxable entity. b. Customer purchased a non-taxable product and the customer is a taxable entity. c. Customer purchased a taxable product and the customer is a taxable entity. d. Choice a and b e. Choice b and c

What are the tax implications of the different methods through which property is disposed? USA

Other than financial considerations, why should individuals consider preparing a valid will?

In what circumstances can a taxpayer challenge an assessment outside the ordinary appeal process. Discussion should be strictly based on statutory and common law. Explain briefly.