Practice Quiz

Financial Planner

Category - Tax Planning

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Which of the following is a non-taxable type of income?
  1. Capital gain on the sale of a primary residence
  2. Capital gain on stocks
  3. Traditional IRA distributions
  4. Self-employment income
Explanation
Answer: A - When certain rules are met, taxpayers can exclude the gain on the sale of a primary residence from income. This applies up to certain limits.
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