11/4/24, 3:35 PM New CFP Exam |2024-2025 Update|COMPLETE MOST-TESTED QUESTIONS AND VERIFIED ANSWERS (100% Correct an…
New CFP Exam |2024-2025 Update|COMPLETE
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Terms in this set (253)
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- must be held for 5 years plus one of the following:
what makes a distribution
- over 59.5
from a Roth IRA Share on X
- death
qualified?
- disabled
- first time home purchase
1.) capital assets
what are the 3 types of
assets for income tax 2.) ordinary income
purposes?
3.) section 1231
Accounts receivable
what is NOT a capital Copyrights / creative works (if held by creator)
asset? Inventory
Depreciable assets used in trade or business
how does the "double for gains: donee basis = donor basis (tack on
basis" rule work? holding period)
(applies to gifted for losses: donee basis = FMV (no tacking on)
property, NOT inherited
property!) between donor basis and FMV: no gain or loss
,11/4/24, 3:35 PM New CFP Exam |2024-2025 Update|COMPLETE MOST-TESTED QUESTIONS AND VERIFIED ANSWERS (100% Correct an…
- must have owned/occupied the home for 2/5
years
what are the - must not have used section 121 within the past two
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requirements for the years
section 121 exclusion?
- single: $250k
- mfj: $500k (one of two must pass ownership test,
BOTH must pass the use test)
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1.) calculate adjusted basis
section 1245
2.) calculate gain (must have one to use)
applies to tangible 1231
3.) portion of gain within depreciation is taxed as
property (equipment)
ordinary income
how do you calculate?
4.) portion of gain that exceeds depreciation is
taxed as a 1231 gain!
1.) calculate adjusted basis
section 1250
2.) calculate gain (must have one to use)
applies to real 1231
3.) any accelerated depreciation above SL is taxed
property (buildings, real
as OI
estate)
4.) amount of SL depreciation is taxed at 25%
how do you calculate?
5.) amount leftover is 1231 gain!
- replacement property must be found within 45
what are the days of sale
requirements for a 1031
exchange? - closing on replacement property must take place
within 180 days of sale
how is "boot" taxed in a
receives boot:
transaction?
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- gain: increase by boot received
- basis: n/a
(if boot exceeds gain, reduce basis)
(always use FMV for appreciated boot!)
what is the formula used donor's basis + (net appreciation of gift / value of
to determine one's basis gift x gift tax paid)
when gift tax has been
paid? (does NOT apply on loss property!)
-first $1,150 is the standard deduction
how is the "kiddie tax" -next $1,150 is taxed at kid's rate
broken down?
only applies to unearned income in excess of
$2,300
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