Question
In: Accounting
The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine...
The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2018. They originally paid $76,000 for the home on July 3, 1993, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. How do I complete Form 8949???
Solutions
Expert Solution
The format of Form 8949 is attached herewith. As, the household property was purchased in year 1993 and sold in year 2018. So, it is a long term asset and on this long term capital gains are to be computed.So, for this Part-II of the Form 8949 is to be filled.
According to IRS, it defines home improvement as a capital improvement that adds market value to the home.Assuming these improvements as the capital improvements. So, it must be taken in consideration while calculating the long term capital gain.
Total cost include the purchase cost and improvement cost. So,
it will be 76000+13000= $89000
ekkarill92 answered 1 year agoRelated Solutions
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