In June 2018, Shanna purchased a single family home as an investment. She sold it for...

In June 2018, Shanna purchased a single family home as an investment. She sold it for a profit in September 2019. The real estate company that handled the sale will send which of the following documents to both Shanna and the IRS reporting information about the transaction? A. Form 1099 B. B. Form 1099 misc. C. Form 1099-s or D. Form 8949

Solutions

Expert Solution

C. Form 1099-s

This form is to send by the real estate company showing details of transaction

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

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.) b. Sarah used the property as a vacation home through December 31, 2016. She then used the home as her principal residence from January 1, 2017, until she sold it on January 1, 2019. (Round...

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 $820,000. Sarah used the property as a vacation home through December 31, 2014. She then used the home as her principal residence from January 1, 2015 until she sold it on January 1, 2018. What amount of the gain on the sale does Sarah recognize?

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...

Amber Arthur (single) purchased a home in Palm Springs, Ca for $500,000. She moved into the...

Amber Arthur (single) purchased a home in Palm Springs, Ca for $500,000. She moved into the home on December 1, year 0. She lived in the home as her primary residence until August 1 of year 4, when she sold the home for $850,000. Amber's tax bracket on taxable income before computing the gain on the sale of the house was 37%. What is the amount of tax on the gain on the sale of the home in Palm Springs...

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, 2019, for $242,900. How much gain must Troy recognize on his home sale in each of the following alternative situations? d. Troy rented the home from January 1, 2007, through December 31, 2014. He lived in the home as his principal residence from January 1, 2015, through December 31, 2015. He rented out the home from January 1, 2016,...

Troy (single) purchased a home in Hopkinton, MA, on January 1, 2007, for $215,000. He sold...

Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $310,000. He sold...

Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $310,000. He sold the home on January 1, 2018, for $330,200. 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.) d. Troy rented out the home from January 1, 2007, through December 31, 2013. He lived in the home as his principal residence from January 1, 2014, through December 31, 2014....

9, Dawn (single) purchased her home on July 1, 2008. On July 1, 2018, Dawn moved...

9, Dawn (single) purchased her home on July 1, 2008. On July 1, 2018, Dawn moved out of the home. She rented out the home until July 1, 2019, when she sold the home and realized a $230,000 gain (assume none of the gain was attributable to depreciation). What amount of the gain is Dawn allowed to exclude from her 2019 gross income? Multiple Choice $0. $23,000. $207,000. $230,000. 13, Harvey rents his second home. During the year, Harvey reported...

Smith Family Assume the Smith family of Philadelphia, Pennslyvania purchased their home in 2002 for $80,000. Since...

Smith Family Assume the Smith family of Philadelphia, Pennslyvania purchased their home in 2002 for $80,000. Since then, comparable homes in their neighborhood have most recently sold for $200,000. The cost to replace the home would be $180,000. It is estimated that the house is one-third depreciated. The Smith’s have a $175,000 (face amount coverage A) Homeowners policy in force, similar to the policy shown in the Appendix. Answer the following questions as if each question were a separate event. 1) How much will the Smith’s collect...

In 1948, Janet bought a home for $52,000. She lived there until she died in 2018....

In 1948, Janet bought a home for $52,000. She lived there until she died in 2018. When she died her home had a fair market value of $4.8 million. She also had $100,000 in a tax-deductible IRA account. Janet named you in her will as her sole heir and beneficiary. In 2018, how will you treat the deductible IRA account that you receive from Janet? On these facts will Janet's estate pay tax on it? On these facts, will you...

Subjects