Accounting 208 tax: alimony calculation

timer Asked: Feb 9th, 2015

Question description

Under the terms of a divorce decree executed May 1, 2014, Ahmed transferred a house worth $650,000 to his ex-wife, Farah, and was to make alimony payments of $3,000 per month.  The property has a tax basis to Ahmed of $300,000.

a. How much of this must be reported on Farah’s tax return?

Answer:  $

b. Of that amount, how much is taxable gain or loss that Farah must recognize related to the transfer of the house?

Answer:  $

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