Question

Question 32 of 50. Dalip originally sold his home for $100,000. At that time, his so he repossessed the home when the balance of the note was $95.00 sale expenses were $2.510, and resale expenses were improvements prior to the resale. What is Dalip's recomputed g hat time, his adjusted basis in the home was $103,000. Six years later, the note was $95,000. He resold it within one year for $109,000. Original penses were $1,050. Repossession costs were $2,250. He incurred $1,500 for recomputed gain? $3,690 $7.700 O

Answer 1

solution when Dalep first time sold the house selleng parce = 100000 Adrusted basis in the home was = 103000 profst / Loss = = = Selling price - purchase price 100000 – 103000 - 3000

When Dallp Repurchased house : Repurchase poace = 95000 Resold price = logooo other expenses = sales expense & Resales expenses + Repossesson cost + Renovation cost = 2510 + 1050 + 2250 + 1500 7310 profit I loss = selling price - [purchase prece tother expense = 109000 - [95000 +2310] . 109000 - 102310 = 6690 overall profet = first time profst / losst second time profit / Loss - 3000 + 6690 3690 (projet) = =