Question: D - 2 0 . Olivia bought a used car for $ 8 . 3 5 0 on January 2 3 , 2 0 2
D Olivia bought a used car for $ on January She also paid $ in sales tax to her local county in California Olivia sold the car on May for $ Assuming Olivia did not incur any expenses for the car when she owned it how does Olivia report the sale on her tax return?
Report a $ longterm capital gain.
Report a $ shortterm capital gain.
Report a $ longterm capital gain.
Report a $ shortterm capital gain.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
