Melissa purchased her home in 2011 for $225,000. She and her two children lived there year round until she sold her home in 2016 for $310,000. Melissa did not receive form 1099-S from her lender. How should Melissa report the sale of her home?
a. Schedule D (Capital Gains and Losses)
b. Form 982 (Reduction of Tax Attributes Due to Discharge of Indebtedness)
c. Both A and B
d. Melissa does not need to report the sale of her home
Paul bought stock for $2,000 and sold the same stock for $2,300. Not included in the sale was the $35 commission fee he paid his broker. What is Paul’s gain/loss reported on his tax return?
a. Gain of $300
b. Loss of $300
c. Gain of $265
d. Loss of $265