Hi CPA, I bought my house in 1980 for $75,000. I talked to realtor, and the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Hi CPA, I bought my house in 1980 for $75,000. I talked to realtor, and the realtor believes that my husband and I can sale the property for at least $300,000. Supposing that this is the case and we sale the property in May of 2023, what will the tax consequences be? We have lived in the house since we bought it and have put in about $35,000 of improvements that we have documentation for. Also, the realtor estimates about $25,000 of closing costs for the sale. Thanks, Client Hi CPA, I bought my house in 1980 for $75,000. I talked to realtor, and the realtor believes that my husband and I can sale the property for at least $300,000. Supposing that this is the case and we sale the property in May of 2023, what will the tax consequences be? We have lived in the house since we bought it and have put in about $35,000 of improvements that we have documentation for. Also, the realtor estimates about $25,000 of closing costs for the sale. Thanks, Client
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Husband and Wife have lived together as husband and wife for the past 20 years. They have never been formally married. Can Wife testify against Husband concerning the conversation? Why or why not?
-
We have not talked about heats of combustion of compounds other than hydrocarbons. Nevertheless, from among the compounds shown here, you should be able to deduce which one gives off the most heat on...
-
My doctor told me that I have antibody to the Epstein-Barr virus. Why do I have this antibody if I have Multiple Sclerosis?
-
In terms of Federal tax consequences, why are lifetime transfers to charity preferable to testamentary transfers?
-
A debate is raging at the IT consulting firm where you work. Some staff members believe that it is harder for experienced analysts to learn object-modeling techniques, because the analysts are...
-
Use a graphing utility to solve equation. Express the solution(s) rounded to two decimal places. sin x - cos x = x
-
Gegax Manufacturing incurred the following costs in acquiring land, making land improvements, and constructing and furnishing a new building. Gegax Manufacturing depreciates buildings over 40 years,...
-
The March 31, 2020, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order. Required Preparation Component: a. Place an X in the space provided beside...
-
you will design and implement a ESP IDF-based IoT system that uses Amazon Alexa voice control to either lock or unlock the "set time" functionality of a ESP32-based embedded system that has a keypad,...
-
One technique for limiting fault current is to place reactance in series with the generators. Such reactance can be modeled in PowerWorld Simulator by increasing the value of the generator's positive...
-
Apply the translation theorem to find the inverse Laplace transform of the following function. 8s +2 F(s)=- s - 8s + 41
-
During August, 2020, Marigold's Supply Store generated net sales of $59200. The company's expenses were as follows: cost of goods sold of $36200 and operating expenses of $3800. The company also had...
-
Prepare a stock analyst for PepsiCo with a pitch book on how to invest in PepsiCo. In addition to that information, accomplish the following: Calculate the intrinsic price of both stocks with a stock...
-
Imelda Company budgets sales of $1,300,000, fixed costs of $58,500, and variable costs of $260,000. What is the contribution margin ratio for Imelda Company? If the contribution margin ratio for...
-
Company Inc contemplating two alternatives to manage their working capital. The first alternative is by relaxing its credit standards to encourage more sales. It reported total sales of USD 1,500,000...
-
Decide whether the function f(t)=-16(t-1)(t+5) is a quadratic function. If so write the function in standard form, f(t) = at + bt+c. Below enter the proper values for the constants a, b, and c once...
-
Applying Latina/o Critical Communication Theory Anti-Blackness MARI CASTAEDA Latinalo Critical Communication Theory | Afro-Latinos | Spanish language media The rise of the Black Lives Matter movement...
-
Shreemaya Hotel in !adore was facing a problem of low demand for its rooms due to off season. The Managing Director (MD) of the hotel, Mrs. Sakina was very worried. She called upon the Marketing...
-
Indicate, in each of the following situations, the number of exemptions the taxpayers are entitled to claim on their 2012 income tax returns. Number of Exemptions a. Donna, a 20-year-old single...
-
Ulysses and Penelope are married and file separate returns for 2012. Penelope itemizes her deductions on her return. Ulysses' adjusted gross income was $17,400, his itemized deductions were $2,250,...
-
Van makes an investment in a partnership in 2012. Van's capital contributions to the partnership consisted of $30,000 cash and a building with an adjusted basis of$70,000, subject to a nonrecourse...
-
An incompressible flow field is characterized by the stream function \(\psi=3 A x^{2} y-A y^{3}\), where \(A=1 \mathrm{~m}^{-1} \cdot \mathrm{s}^{-1}\). Show that this flow field is irrotational....
-
Consider the flow field represented by the velocity potential \(\phi=A x+B x^{2}-B y^{2}\), where \(A=1 \mathrm{~m} \cdot \mathrm{s}^{-1}, B=1 \mathrm{~m}^{-1} \cdot \mathrm{s}^{-1}\), and the...
-
Consider an air flow over a flat wall with an upstream velocity of \(6 \mathrm{~m} / \mathrm{s}\). There is a narrow slit through which air is drawn in at a flow rate of \(0.2 \mathrm{~m}^{3} /...
Study smarter with the SolutionInn App