Bonnie and howard got divorced in 2018. under the terms of the decree bonnie will pay howard $100,000 in cash in each of the next ten years (or until howard’s death or remarriage). in addition, bonnie will transfer a residence worth $2,000,000 to howard and pay $30,000 per year to support their daughter, kristina, until she turns 19 years old. what amount (if any) is included in howard’s gross income this year?

The answer is: $100,000

Explanation:

Howard must include as gross income the $100,000 he receives from Bonnie as alimony payment. Bonnie can deduct the alimony she pays from her gross income statement.

The property settlement worth $2 million is not included in Howard's gross income and no taxable gain or loss is recognized either.

Neither Bonnie nor Howard should include child support payments in their gross income.

answer; i believe the answer you are searching for is (minimum payment)

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