Author Question: In December of this year, Jake and Stockard, a married couple, redeemed qualified Series EE U.S. ... (Read 59 times)

Mr. Wonderful · **on:** Sep 13, 2020

Question 1

In December 2016, Max, a cash-basis taxpayer, rents an apartment to Kadeem. Max receives both the first and last months' rent totaling $1,800 plus a security deposit of $400. The amount of income reported by Max as taxable in 2016 is
◦ $400.
◦ $1,300.
◦ $1,800.
◦ $2,200.

Question 2

In December of this year, Jake and Stockard, a married couple, redeemed qualified Series EE U.S. Savings Bonds. The proceeds were used to help pay for their daughter's college tuition. Jake and Stockard received proceeds of $8,000 representing principal of $5,000 and interest of $3,000. The qualified higher educational expenses they paid this year totaled $6,000. Their AGI is below the threshold for phase-out of the exclusion. What is the amount of interest income Jake and Stockard can exclude from their income this year?
◦ $2,250
◦ $2,500
◦ $3,000
◦ $5,000

vboyd24 · **Reply #1 on:** Sep 13, 2020

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