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Saturday, October 08, 2011

qualifying relative gross income test

AskTaxGuru.com Junior Member, judyannf, asked:
I'm trying to determiine how to figure my son's gross income. (for the purpose of determining if he can be claimed as a dependent) He earned $4175 in wages, $142 in dividends, but had $1265 in long term realized losses from the sale of mutual funds. Do I include the losses in determining his gross income? If I can include the loss, then his income will be below $3650. He meets the other criteria for a qualifying relative.

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