Sylvia, a dentist with excellent skills as a carpenter, started the construction of a house that she

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Sylvia, a dentist with excellent skills as a carpenter, started the construction of a house that she planned to give to her son as a surprise when he returned from Afghanistan, where he is serving in the military. She began construction on March 23, 2014, and finished the house on July 10, 2015, at a total cost of $70,000. Her son is expected to be home on September 1, 2015.
On July 30, 2015, Roscoe offered Sylvia $245,000 for the house and Sylvia considered the offer to be so attractive that she accepted it. She decided that she could purchase a suitable home for her son for about $200,000. What tax issues should Sylvia consider?
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Federal Taxation 2016 Comprehensive

ISBN: 9780134104379

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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