Question
In: Accounting
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, through December 31, 2016, and lived in the home as his principal residence from January 1, 2017, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $0.
| Recognized gain | $ |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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, 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....
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...
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
steven pratt, who is single, purchased a home in Spokane, Washington, for $525,000. he moved into...
steven pratt, who is single, purchased a home in
Spokane, Washington, for $525,000. he moved into the home on
February 1 of year 1. he lived in the home as his primary residence
until june 30 of year 5, when he sold the home for $855,00. (leave
no answer blank. enter zero if applicable. )
a. what amount of gain will steve be required to
recognize on the sale of the home?
recognized gain on sale
b. assume the original...
Steve Pratt, who is single, purchased a home in Spokane, Washington, for $400,000. He moved into...
Steve Pratt, who is single, purchased a home in Spokane,
Washington, for $400,000. He moved into the home on February 1 of
year 1. He lived in the home as his primary residence until June 30
of year 5, when he sold the home for $725,000. (Leave no
answer blank. Enter zero if applicable.)
a. What amount of gain will Steve be required
to recognize on the sale of the home?
2. Steve Pratt, who is single, purchased a home in Spokane, Washington, for $615,000. He moved...
2. Steve Pratt, who is single, purchased a home
in Spokane, Washington, for $615,000. He moved into the home on
February 1 of year 1. He lived in the home as his primary residence
until June 30 of year 5, when he sold the home for $912,500.
(Leave no answer blank. Enter zero if
applicable.)
a. What amount of gain will Steve be required
to recognize on the sale of the home?
Recognized gain on sale
?
b. Assume the...
On January 1 of year 1, Arthur and Aretha Franklin purchased a home for $1.62 million...
On January 1 of year 1, Arthur and Aretha Franklin purchased a
home for $1.62 million by paying 220,000 down and borrowing the
remaining $1.40 million with a 4.2 percent loan secured by the
home. The Franklins paid interest only on the loan for year 1 and
year 2 (unless stated otherwise). (Enter your answers in
dollars and not in millions of dollars. Do not round intermediate
calculations. Leave no answer blank. Enter zero if
applicable.)
a. What is the...
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