No loss was recorded when a personal asset was sold.
According to the exclusion rule, money that cannot be utilized to buy food or shelter is not taxable.
Of the following, which is not considered gross income?
- Income from municipal bond income, child support, life insurance death benefit money, and welfare are all excluded from the IRS's determination of your income tax. According to the exclusion rule, money that cannot be utilized to buy food or shelter is not taxable.
- Itemized deductions are particular costs borne by the taxpayer that may lower taxable income. Mortgage interest, state or local income taxes, property taxes, medical or dental expenses in excess of AGI restrictions, and charitable contributions are examples of itemized deductions.
- The costs you incurred for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses are all included in itemized deductions.
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