Ethan (single) purchased his home on July 1, 2008. He lived in the home as his...
Ethan (single) purchased his home on July 1, 2008. He lived in the home as his principal residence until July 1, 2015 when he moved out of the home and rented it out until July 1, 2017 when he moved back into the home. On July 1, 2018 he sold the home and realized a $198,500 gain. What amount of the gain is Ethan allowed to exclude from his 2018 gross income?
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Ethan (single) purchased his home on July 1, 2008. He lived in
the home as his...
Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $315,000. He sold...
Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $315,000. He sold the home on January 1, 2019, for $340,700. How much gain must Troy recognize on his home sale in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) a. Troy rented out the home from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of...
Troy (single) purchased a home in Hopkinton, MA, on January 1, 2007, for $215,000. He sold...
Troy (single) purchased a home in Hopkinton, MA, on January 1, 2007, for $215,000. He sold the home on January 1, 2014, for $242,900. How much gain must Troy recognize on his home sale in each of the following alternative situations? a. Troy rented the home out from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of sale. Assume accumulated depreciation on the home at...
- Calculation of Gain Realized. M, single. purchased a residence on May 1, 2004 for $195,000. M lived in the residence...
- Calculation of Gain Realized. M, single. purchased a residence on May 1, 2004 for $195,000. M lived in the residence from May 1, 2004 to June 1, 2008 when he began renting it. He rented it from June 2, 2008 through November 30, 2012. He once again lived there from December 1, 2012, until it was sold on May 6, 2018. The following information was derived from M's records: Purchase closing costs... Depreciation claimed while the property was rented......
Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home...
Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) (Leave no answer blank. Enter zero if applicable.) b. Sarah used the property as a vacation home through December 31, 2016. She then used the home as her principal...
In January 2017 Alessandro, a single person, sold the principle residence in which he had lived...
In January 2017 Alessandro, a single person, sold the principle residence in which he had lived for 6 years for $695,000. Back in 2011 Alessandro had purchased the home for $140,000 and made $45,000 of capital improvements on the home during his time of ownership. How much gain does he recognize from the sale?
Wesley is single and purchases a principal residence on April 1, 2017 for $125,000. Wesley also...
Wesley is single and purchases a principal residence on April 1, 2017 for $125,000. Wesley also pays $100,000 to make significant improvements to the residence. Wesley owns and occupies this residence until March 31, 2018, at which time he sells his principal residence to move across country for a new job. Wesley sells the residence for $380,000 and pays $20,000 in commissions and legal fees in connection with the sale. Calculate Wesley's realized gain and recognized gain on the sale...
Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $425,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until June 30 of ye...
Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $425,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until June 30 of year 5, when they sold the home for $715,000. a) Assume the original facts, expect that Stephanie moves in with Steve on March 1 of year 3 and the couple married on March 1 of year 4. Under state law, the couple jointly owns...
Umair attended CSUS during 2013-2017. He lived at home and was claimed by his parents as...
Umair attended CSUS during 2013-2017. He lived at home and was claimed by his parents as a deduction during the entire duration of his education. He incurred education expenses of $6,000 during college of which $600 was paid for by scholarships. To finance his education, he borrowed $5,000 through a federal student loan program and borrowed another $1,000 from a local lending institution for educational purposes. After graduation, he married and moved with his spouse to a distant city. In...
Question 6 of 75. Ethan uses the cash method of accounting and a calendar year. He...
Question 6 of 75. Ethan uses the cash method of accounting and a calendar year. He received the following payments from clients . A check from client #1 in the amount of S 1,091 on December 26, 2017, deposited January 15, 2018. ·An electronic payment of S1.968 from Client #3, made and deposited on January 2, 2018, for services rendered on A check from Client #2 on December 22, 2017, for $592. deposited December 24, 2017 December 16, 2017 Cash...
Alex bought his principal residence for $175000 on June 5, 2016. He sold it on July...
Alex bought his principal residence for $175000 on June 5, 2016. He sold it on July 18, 2017 for $205000. Assuming no adjustments to basis, what is the amount and character of Alex's gain?
Troy (single) purchased a home in Hopkinton, MA, on January 1, 2007, for $215,000. He sold the home on January 1, 2014, for $242,900. How much gain must Troy recognize on his home sale in each of the following alternative situations? a. Troy rented the home out from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of sale. Assume accumulated depreciation on the home at...
- Calculation of Gain Realized. M, single. purchased a residence on May 1, 2004 for $195,000. M lived in the residence from May 1, 2004 to June 1, 2008 when he began renting it. He rented it from June 2, 2008 through November 30, 2012. He once again lived there from December 1, 2012, until it was sold on May 6, 2018. The following information was derived from M's records: Purchase closing costs... Depreciation claimed while the property was rented......
Question 6 of 75. Ethan uses the cash method of accounting and a calendar year. He received the following payments from clients . A check from client #1 in the amount of S 1,091 on December 26, 2017, deposited January 15, 2018. ·An electronic payment of S1.968 from Client #3, made and deposited on January 2, 2018, for services rendered on A check from Client #2 on December 22, 2017, for $592. deposited December 24, 2017 December 16, 2017 Cash...
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