Author Question: Jan purchased an antique desk at auction. For two years, the desk sat in Jan's garage until she ... (Read 134 times)

appyboo · **on:** Sep 13, 2020

Question 1

Jacob, who is single, paid educational expenses of $16,000 in 2016. He redeemed Series EE bonds and received principal of $8,000 and interest of $3,000. Jacob has other adjusted gross income of $81,550. The $3,000 exclusion must be reduced by
◦ $0.
◦ $1,400.
◦ $1,600.
◦ $3,000.

Question 2

Jan purchased an antique desk at auction. For two years, the desk sat in Jan's garage until she decided to restore it. This year, while cleaning and restoring the desk, Jan discovered $1,500 in a hidden compartment inside one drawer. With respect to the $1,500, Jan must
◦ report nothing.
◦ amend her previous tax return and report the $1,500.
◦ report only $750 due to the statute of limitations.
◦ report $1,500 on this year's tax return.

6ana001 · **Reply #1 on:** Sep 13, 2020

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