Aurora and Jennifer are married and file jointly. On June 1, 2019, they bought a duplex together.
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Aurora and Jennifer are married and file jointly. On June 1, 2019, they bought a duplex together. They lived on one side and rented the other half the entire time they owned the duplex. The total purchase price was $225,000 with $22,500 of that being the land value. The units are the exact same size. In June 2021, they sold the entire duplex for $280,000, 28,000 for the land, and move to a new town for Jennifers work. Their allowable depreciation on the rental was $1508. There were total deductible expenses of $2000 on the sale. What is their taxable game?
$26,508
$26,608
$39,008
$51,508
Related Book For
Personal Financial Planning
ISBN: 978-1111971632
13th edition
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
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