Oliver earns $2,000 in dividends from mutual funds, makes $10,000 in rental income from his investment property, receives a $30,000 inheritance from an estate, and gets a $12,000 grant for educational expenses. Classify each item as taxable income or tax-exempt income.
Answer
Classification Answer:
$2,000 in dividends from mutual funds,$10,000 in rental income from an investment property|$30,000 inheritance from an estate,$12,000 grant for educational expenses